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| Washington Mutual will layoff hundreds of Wisconsin employees early next year.
The thrift notified the state it will eliminate the jobs of 300 employees in Milwaukee from Feb. 5 through May 31, 2007, spokesman Tim McGarry confirmed to MortgageDaily.com. The layoffs are related to the sale of $140 billion in servicing rights to Wells Fargo in July, McGarry said. At the time the sale was announced, the companies said they had agreed to transfer to Wells Fargo the majority of WaMu’s loan servicing and support staff at its Milwaukee operations with the transfer of servicing. They expected to transfer the jobs this quarter through the first quarter 2007. Last month, WaMu said it was hiring 250 servicing employees in Florence, S.C., because it needed to retain some of the functions that were performed at the Milwaukee site. In addition to Florence, WaMu reportedly services residential loans in Chatsworth, Calif., Jacksonville, Fla., and Melbourne, Fla. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com |
