Bank of America to eliminate 4,200 jobs


NEW YORK — Bank of America is cutting about 4,200 jobs as it responds to changes in the housing market, echoing moves by other banks.

The country’s second-largest bank laid off 1,200 employees this week, primarily from a unit that handles mortgage origination, company spokesman Terry Francisco said.

By the end of the year, Bank of America plans to cut 3,000 more jobs. The bulk of those will be in its unit that handles troubled mortgages as the economic recovery has eased the number of borrowers in distress.