Bank Of America Plans To Exit Wholesale Mortgage Business

Bank of America says it is leaving the wholesale mortgage business as it scales back investment banking operations.

The bank says it will cut about 700 jobs in the wholesale mortgage arena. The cuts are part of 3,000 job eliminations announced as a result of poor performance in third quarter earnings.

The bank's consumer real estate division employs about 13,000 people and it works with about 7,000 independent brokers.