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WaMu Continues Trimming Staff

WaMu Continues Trimming Staff

65 Sacramento layoffs

November 2, 2006

By COCO SALAZAR

photo of Coco Salazar
More mortgage job layoffs are scheduled at Washington Mutual Inc.

Approximately 65 employees in Sacramento, Calif., recently received notice that their jobs would be eliminated, WaMu spokeswoman Olivia Riley told MortgageDaily.com in an e-mail statement.

“This decision supports our efforts to more effectively manage expenses,” Riley said. “This location will continue to be a WaMu site; we’re simply reducing our staffing level.

WaMu said it currently has about 280 employees in Sacramento.

Work from the Sacramento home loan back-office support center will be transferred to loan fulfillment centers in Pleasanton, Calif., and Bellevue, Wash., according to the statement.

While different groups of the affected employees will have varying end dates to ensure continuity of the operations, most of the jobs will be eliminated by yearend, Riley said.

Also within this quarter, the Seattle-based thrift reportedly finished cutting about 350 jobs from its real estate appraisal group and laying off 82 back-office positions that supported nonprime lending.

WaMu said home loan staff shrunk by 1,430 employees during the third quarter.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com

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