July cutbacks planned for Bank of America's Tucker division

TUCKER - Bank of America will cut 190 jobs at its retail mortgage division in Tucker by July 1. <br> <br> Company officials said it is an attempt to streamline operations but industry watchers think layoffs could signal something else that banks are preparing for the end of the mortgage boom. <br> <br> ``Most mortgage institutions who have just come through a boom period are now letting people go. It&#39;s the beginning,&#39;&#39; said Arnold Danielson, chairman of Maryland-based consulting firm Danielson Associates. <br> <br> &#34;The interest rates are still low, but there aren&#39;t nearly as many people rushing out to refinance.&#39;&#39; <br> <br> Bank of America is ``looking at efficiencies wherever possible,&#39;&#39; said spokeswoman Mary Welch. ``It&#39;s an ongoing thing and not specific to the mortgage business.&#39;&#39; <br> <br> The Tucker offices will stay open, as there are ``lots of other operations there,&#39;&#39; Welch said, including check approvals and other back-office functions. <br> <br> Bank of America employees at the North Lake Parkway office learned about the cuts last week. Their work will be absorbed by employees at two loan centers in Florida and one in Charlotte, where Bank of America has its headquarters, Welch said. <br> <br> Shares of Bank of America closed Monday at $72.47, down $1.21.