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.


Wachovia to Eliminate More Than 10,000 Jobs

Full-time employees, open positions and contractors being cut

July 22, 2008

By MortgageDaily.com staff


Job losses at Wachovia Corp., which today reported a massive loss, are expected to exceed 10,000.

In its second-quarter earnings report today, Wachovia said it launched an expense-reduction effort early last month that is expected to save the bank $1.5 billion next year, including around $0.2 billion in mortgage-related expenses.

Among the cost cuts was a reduction in the number of employees. The company said it would eliminate 6,350 full-time employees and 4,400 open positions and contractors. The employment cuts are expected to yield around $600 million in expense savings next year.

While it is not clear how many of the job cuts will be in mortgage operations, a 37 percent decline in mortgage originations since last year combined with the abandonment of the wholesale lending unit reported yesterday and the elimination of some option-ARM programs last month suggest the share will be significant.

A spokesman yesterday was unable to provide the number of employees who were impacted by the closing of the broker channel.

But an announcement today from the company indicated that around 1,000 origination employees are being redeployed to assist borrowers in refinancing and restructuring pick-a-pay mortgages.

Wachovia employed 119,952 full-time employees as of June 30, down from 120,378 three months earlier.

In December, Wachovia laid off 120 employees at its San Leandro, Calif., though 55 of those employees were rehired for retail and wholesale mortgage sales jobs. About 160 of 243 Texas job cuts in September were mortgage-related.

The Charlotte, N.C.-based company reported today an $8.9 billion second-quarter loss.


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