Mortgage Daily

Published On: February 12, 2010

U.S. financial institutions continued to cut thousands of jobs, while the figure was more modest for recent mortgage layoffs.

Wells Fargo Home Mortgage laid off 60 employees in December at a Kirkland, Wash., facility, according to a filing with the Washington Employment Security Department. Another 86 Wachovia employees were laid off in Carlstadt, N.J., on March 14, New Jersey’s Department of Labor and Workforce Development reported.

Under the Worker Adjustment and Retraining Notification Act, employers are required to notify states at least 60 days before they layoff at least 50 employees.

In December, Wells Fargo & Co. reportedly told the Los Angeles Times that it would close 122 California bank branches, leaving 1,000 active branches in the state. Most of the shuttered locations are Wachovia branches.

Harleysville National Bank filed a WARN notice with the Pennsylvania Department of Labor & Industry indicating that it would layoff 298 employees in Maple Glen on March 29.

Fourth-quarter layoffs in California at JPMorgan Chase & Co. were 293, according to filings with California’s Employment Development Department. Around 55 of the job cuts occurred at Chase Home Lending in San Diego on Nov. 29.

In a recent WARN filing, Guaranty Bank indicated it would layoff 279 employees in Austin, Texas, on Feb. 19. Guaranty Bank was closed by the Office of Thrift Supervision on Aug. 21, 2009. Its deposits and most of its assets were scooped up by BBVA Compass.

A statement from a Guaranty spokesman said none of the jobs were mortgage-related.

At U.S. Bank, two Newport Beach, Calif., employees were terminated on Dec. 31, 2009, while another 261 will be eliminated in Illinois on March 31, according to WARN filings in California and Illinois.

In Pasadena, Calif., Bank of America Corp. planned to layoff 174 employees on Jan. 31, according to California WARN data. In Washington, the state reported that BoA plans to terminate 50 Bellevue employees on March 12.

Data from the North Carolina Department of Commerce indicated that GMAC Inc. plans to eliminate 70 employees in Mecklenburg County, while GMAC Mortgage LLC eliminated 90 jobs on Feb. 3. But a spokeswoman previously confirmed to that just 44 mortgage jobs were being eliminated in Charlotte — which is in Mecklenburg County.

A spokesman for Charlotte, N.C.-based declined to comment on how many employees were impacted by a recent round of Charlotte layoffs. is parent to LendingTree. But the number was likely less than 50 since did not notify the state as required under the WARN act.

PNC Bank plans to let 58 Cleveland employees go on March 30, based on data from the Ohio Department of Job and Family Services.

The 54 employees laid off late last year by First National Bank of Chester County represented nearly 20 percent of the West Chester, Pa., bank’s workforce, The Mercury Business reported.

First American Real Estate Tax reported to Iowa that it eliminated 34 employees on Nov. 16, 2009.

A Dec. 8, 2009, statement from Outten & Golden LLP indicated that the 600 employees laid off after Ideal Mortgage, doing business as Lend America and Key Mortgage, ended operations in December were denied of their rights under the WARN act. The employees were apparently not give 60 days’ advance notice.

Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator


Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates


Today’s rates starting at


5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at


$200,000 LOAN

Home Equity

Today’s rates starting at


$200,000 LOAN


Today’s rates starting at


$200,000 LOAN