home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.


BoA, Countrywide Merger to Result in Massive Layoffs

7,500 layoffs planned over next two years

June 26, 2008

By MortgageDaily.com staff


Bank of America Corp.'s acquisition of Countrywide Financial Corp. will result in more than 7,000 layoffs. But even after the reduction, the combined company will employ more than 250,000 people.

BoA announced today that the merger, which was approved by Countrywide shareholders yesterday, will result in the elimination of an estimated 7,500 positions -- though changing market conditions could impact that number.

With all major hurdles now overcome, the deal is expected to be consummated on Tuesday, July 1. The layoffs will occur during the next two years.

"During the next several months, work will be under way to integrate the two companies," the statement said. "As previously announced, the company expects substantial cost savings."

The job cuts will occur across all regions, the Charlotte, N.C.-based bank said. The specific associate groups and locations impacted by the layoffs have not yet been determined, but most of the reductions will occur where the two companies have significant overlap, such as staff support.

Impacted employees will begin receiving notices starting in the third quarter, which begins the day the deal is expected to close. They will offered severance packages, if eligible.

"Bank of America will work with state and local officials to support job placement, training and other means to assist in the transition process," the press release stated.

Countrywide employed 50,549 as of March 31, 2008, according to its first quarter earnings report. BoA reported its headcount at 209,096 as of March 31.

Recent BoA mortgage layoffs have been limited, with 105 positions cut when it exited its correspondent mortgage unit in January, 700 layoffs from its exit from wholesale lending in December and 600 job losses last summer.

Countrywide, on the other hand, laid off 48 people at its headquarters in April; let go of 73 people in Canoga Park, Calif., during February; and warned in September that it planned to eliminate 12,000 jobs.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders