Bank of America profit falls after mortgage-related charges
BofA, the second-largest U.S. bank by assets, cut 3,000 jobs in its mortgage servicing unit in the fourth quarter and said it could reduce expenses in the division by $1 billion by year-end. It also made more home loans in the quarter, with mortgage volume rising 42 percent from a year earlier as borrowers refinanced at low rates.
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#1 Jan 17, 2013
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