Nearly 800 more fourth-quarter mortgage-related layoffs have been identified by MortgageDaily.com. The latest round of job cuts involved commercial mortgage employees and mortgage insurance jobs.JPMorgan Chase & Co. laid off 266 Milwaukee employees in early December, a spokesman told MortgageDaily.com in a statement. Another 100 home-equity jobs in Phoenix and 250 Jacksonville, Fla., positions were also eliminated early last month.
JPMorgan Layoffs
| Date Reported |
Location |
Number of Layoffs |
| Jan. 9, 2009 |
Melbourne, Fla. |
300 |
| Jan. 9, 2009 |
San Ramon, Calif. |
58 |
| 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 |
The Chase spokesman noted that “very few” of the 3,400 Washington Mutual layoffs planned for Seattle are mortgage-related.
WaMu Home Loans Layoffs
(since 2003)
|
Date Disclosed
|
Number Laid Off
|
| Dec. 2, 2008 |
10,000 |
| 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 |
Over at Bank of America Corp., a spokesman confirmed that 109 layoffs outlined in a Worker Adjustment and Retraining Notification filed on Oct. 8 in Pennsylvania are part of 7,500 layoffs planned over a two-year period as a result of the company’s acquisition of Countrywide Financial Corp. on July 1.
“Within that 7,500 figure, we are not announcing interim figures or the individual actions resulting in reduction in force as they take place, except as required by law,” the BoA spokesman said in a statement.
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) |
HFF Inc., parent of commercial mortgage company Holliday Fenoglio Fowler LP, announced last week that it eliminated around 57 positions in the fourth quarter. The layoffs amounted to around 12 percent of its overall workforce.
The move was part of a cost-cutting strategy “in light of the current global and capital market conditions.” The job cuts occurred at all of its 18 offices and left headcount at 433.
A thousand layoffs announced last month by Genworth Financial in December involved around 45 mortgage insurance positions at its Raleigh, N.C., headquarters, a spokesman said in a statement to MortgageDaily.com. About half of those jobs were tied to U.S. operations.
“The layoffs were part of Genworth’s review of its organization to align resources with the needs of the business and, in doing so, realize cost savings,” the statement said. |
