The Philadelphia-based company will eliminate an undisclosed number of jobs as part of a plan to refocus on core business lines and markets, CEO Thomas Geisel said.

Prosecutors claim every dollar in subsidy funds from settlements equates to ten times the amount in value in home lending efforts.

Headcount at the nation's second-largest bank has fallen by around 1,000 since the end of last month. More job reductions are in the works after noninterest expenses rose by 6% during the first quarter.

The bank was already mulling headcount and compensation reductions in early September.

Truist Financial eliminated about 5% of its investment banking division amid uncertainty surrounding the dealmaking environment, according to people with knowledge with the matter.

The layoff round, which a spokesperson said represents "less than one quarter of one percent of the roles in the company," comes after Rocket announced a 20-person reduction in the marketing team in early January.

The fintech is also relying more heavily on its bank charter as rising interest rates make selling loans to investors more challenging.

The Arizona-based lender has been in business for 35 years and has branches in over 20 states.

The firm said it would still originate and service loans out of the office where the cost-cutting measures will occur.

Bank of America is slowing hiring as fewer employees leave in an attempt to manage the company's headcount ahead of a possible U.S. recession, Chief Executive Brian Moynihan said.