Bank of America to eliminate up to 4,000 mortgage jobs
Reuters: Bank of America Corp. said on Thursday that it was cutting up to 4,000 mortgage jobs as fewer borrowers refinance, and fewer home loans go bad. The layoffs are the latest round of job cuts at major banks as rising mortgage rates cut into demand for refinancing home loans. Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. have announced thousands of layoffs in recent months. At Bank of America, the third-largest U.S. mortgage lender, about 1,200 employees were notified this week that they would be terminated. Most were full-time workers in the division that processes new mortgages, a spokesman said.
UPS posts bigger quarterly profit, sees strong holiday volumes
Reuters: United Parcel Service Inc. posted a bigger quarterly profit, led by increased demand in domestic ground shipments, and the courier company said it expects online sales to boost holiday volume. Shares rose 2 percent Friday before the markets opened. Shipment volume and forecasts at UPS, along with rival FedEx Corp, are closely watched by Wall Street and considered an indication of overall economic health because of the vast amount of goods they transport.
U.S. lagging behind on gender equality
CNNMoney: Where are men and women most equal? Hint: It's not the United States. The U.S. has a larger gender gap than 22 other countries, including Germany, Ireland, Nicaragua and Cuba, according to a World Economic Forum report released Thursday. The report rates 136 countries on gender equality, and factors in four categories: economic opportunity, educational attainment, health and political empowerment. By that metric, Iceland has had the narrowest gender gap for five straight years. Other Nordic countries like Finland, Norway and Sweden follow close behind.