Bank of America says it's leaving the wholesale mortgage business as it scales back investment banking operations.
The Charlotte 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.
The bank says it will stop offering home mortgages through brokers at the end of the year. Bank of America says it will focus on direct-to-consumer lending through its banks and loan officers.
University of North Carolina Charlotte finance professor Tony Plath says he thinks the cuts already were planned.