Mortgage Daily

Published On: January 16, 2009
Another 800 Laid OffQ4 layoffs at Chase, BoA and Genworth

January 16, 2009

By MortgageDaily.com staff

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.

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