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Mortgage Employment News | Employment Index | Employment Statistics
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5,000 Layoffs Reported

Recent mortgage employment activity

January 9, 2009

By MortgageDaily.com staff


During the past 90 days, five financial firms have disclosed more than 5,000 layoffs -- including many mortgage-related jobs.

E-LOAN Inc. laid off 270 people on Dec. 22 in Pleasanton, Calif., according to a Worker Adjustment and Retraining Notification filed with the State of California. The layoffs -- which resulted from the closing of the former online lending giant -- appear to be all employees who remained after a November 2007 round of layoffs.

WARN filings are required at least 60 days ahead of planned layoffs involving at least 50 employees.

Chase Home Lending reported in a WARN notice that it laid off 58 San Ramon, Calif., employees on Dec. 5.

Chase parent JPMorgan Chase & Co. said in December that it planned to layoff 300 Melbourne, Fla., employees this month.

JPMorgan Layoffs
Date Reported Location Number of Layoffs
May 15, 2008 Cleveland 132
March 27, 2008 Rochester, N.Y. 300
March 27, 2008 Indiana 100
March 27, 2008 Arizona 50
March 24, 2008 Deerfield Beach, Fla. 54
Nov. 27, 2007 Kentucky 430

Washington Mutual, which was acquired by JPMorgan on Sept. 25, 2008, laid off 51 people in Chatsworth, Calif., on Dec. 31. The layoffs were originally reported in October 2008.

JPMorgan advised 10,000 WaMu employees last month that their positions would be eliminated this year. At least 3,400 of those job cuts will occur in Seattle, Wash., this month, a WARN filing with that state's Employment Security Department said.

WaMu Home Loans Layoffs
(since 2003)
Date Disclosed
Number Laid Off
Oct. 28, 2008 306
June 19, 2008 1,200
April 8, 2008 3,000
Feb. 26, 2008 381
(# of home loan employees unconfirmed)
Dec. 10, 2007 2,600
Sept. 14, 2007 1,000
July 2, 2007 210
June 18, 2007 120
June 12, 2007 60
Feb. 15, 2007 250
Dec. 18, 2006 300
Nov. 2, 2006 65
Aug. 9, 2006 82
July 14, 2006 350
May 24, 2006 1,400
May 4, 2006 250
Feb. 16, 2006 2,500
Jan. 26, 2006 64
Nov. 18, 2004 2,000
July 23, 2004 2,500
Jan. 13, 2004 2,900
Oct. 30, 2003 4,000

Bank of America Corp. notified the Pennsylvania Department of Labor and Industry that it laid off 109 employees on Oct. 8.

Bank of America / Countrywide
Employment Activity
Date Reported
Unit
Location
# Hires/(Layoffs)
Aug. 15, 2008 both Rolling Meadows, Ill. (78)
June 26, 2008 both
national
(7,500)
May 7, 2008 Countrywide Calabasas, Calif. (48)
Feb. 27, 2008 Countrywide Canoga Park, Calif. (73)
Nov. 28, 2007 BoA Dallas +150
Nov. 28, 2007 BoA Florence, S.C. (105)
Oct. 25, 2007 BoA national (700)
Sept. 7, 2007 Countrywide national (12,000)
Sept. 6, 2007 Countrywide national (900)
Aug. 21, 2007 Countrywide national (400)
Aug. 17, 2007 Countrywide Jericho, N.Y., and Denver (110)
Aug. 17, 2007 Countrywide national +200
summer 2007 BoA Phoenix (200)
summer 2007 BoA Ohio and Delaware (400)
May 16, 2007 Countrywide national +2,000
May 14, 2007 Countrywide West Hills, Calif. (59)
May 14, 2007 Countrywide Anaheim, Calif. (59)
March 14, 2007 Countrywide national (108)
Oct. 25, 2006 Countrywide
national
(2,500)
Sept. 22, 2006 Countrywide national unknown layoffs
Aug. 23, 2006 Countrywide Chandler, Ariz. +2,000
July 21, 2006 BoA Phoenix (200)
April 12, 2006 BoA Newark, Del., and Beachwood, Ohio (362)
Feb. 2, 2006 Countrywide Fort Worth, Texas +1,500
Dec. 2, 2005 Countrywide Westlake Village, Calif., and Sunrise, Fla. (300)
Oct. 20, 2005 Countrywide Plano, Texas +1,500
Aug. 19, 2005 Countrywide California (65)
July 12, 2005 Countrywide Chandler, Ariz. +3,000
Feb. 14, 2005 BoA Louisville, Ky., and Charlotte, N.C. (155)
Dec. 21, 2004 BoA Louisville, Ky. -200
Dec. 15, 2004 Countrywide Texas +7,500
Nov. 16, 2004 BoA Wichita, Kan. (230)
July 30, 2004 Countrywide national +1,000
June 6, 2004 BoA national (500)

Genworth Financial said last month that it would eliminate around 1,000 positions of its 7,300 positions. This and other strategic moves by the parent of Genworth Mortgage Insurance Corp. are expected to cut pretax operating expenses by roughly $125 million annually.

"Genworth expects to record a pretax non-operating charge of approximately $45 million in the fourth quarter of 2008 for severance, outplacement and other costs associated with the plan for workforce reduction and other restructuring actions," the announcement said.


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