Bank Layoffs Continue

Mortgage News

Mortgage Daily Staff

                                                 May 14, 2010

Recent layoffs at financial institutions have been geographically diverse but concentrated among the big banks. Mortgage employees, however, were spared in much of the latest round.

Wells Fargo Sacramento Phone Bank will see 292 layoffs this month, according to a Worker Adjustment and Retraining Notification Act notice filed in California. Another 123 will be terminated from Wells Fargo National Business Banking Center.

In New Jersey, Wells Fargo & Co. notified the state that it laid off 86 Wachovia employees on March 14 in Carlstadt.

Advanta Corp.’s liquidation by the Federal Deposit Insurance Fund impacted 281 Pennsylvania employees. The effective date of the office closings was Feb. 11.

U.S. Bank notified the state that it laid off 16 San Diego employees in March. Two more were terminated in April, while 75 are being let go in May and seven will be laid off during June.

In Los Angeles, U.S. Bank terminated 22 employees in March, two in April and 90 this month. June layoffs in the city will be 56.

A Chase spokesman confirmed to MortgageDaily.com that 247 layoffs in Baton Rouge, La., are not tied to mortgage lending. The layoff process was expected to start in April and be complete by next month.

Capital One Bank will eliminate 179 positions in Laurel, Md., according to a WARN filing in that state.

A Feb. 26 WARN filing in Michigan indicated 70 employees would be impacted from the closing of a PNC Bank office in Royal Oak.

An office closing on July 23 in State Collete, Pa., will impact 73 PNC Financial Services Group Inc. employees.

In a filing with the Securities and Exchange Commission on May 5, Anchor Bancorp Wisconsin Inc. announced it would sell branches and layoff 70 staff members. The moves are part of a cost-cutting strategy as the parent of AnchorBank fsb attempts to comply with an Office of Thrift Supervision cease-and-desist order.

“We must recognize the need to right-size the staffing levels of the organization,” AnchorBank Chief Executive Officer Chris Bauer said in the filing.


GMAC Mortgage LLC, which acknowledged 44 back-office layoffs to MortgageDaily.com in February, raised the number to 90 in a WARN filing with North Carolina. Another 70 layoffs were made at GMAC Inc. on April 6. All of the layoffs occurred in Mecklenburg Country.

Bank of America filed a notice that it laid off 50 Agoura Hills, Calif., employees on April 30.

In Richmond, Va., First Market Bank laid off 26 employees on Feb. 15, a WARN filing in that state indicated.

Mortgage Daily Staff

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