Washington Mutual Cutting Staffing in Home Loan Group
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A combination of a slowing real estate market, higher interest rates, and a search for operational efficiency, Washington Mutual will reduce its workforce by 2,500 jobs in its home loan division. Washington Mutual is a leader in the mortgage field after years of acquisitions and tremendous expansion. Many will see this as a harbinger of things to come, but it is also a natural step in the business model of a company that is transitioning from hypergrowth to a stable market leader.
The bank, one of the largest mortgage lenders in the U.S., said its network of processing offices that provide administrative support to its home-loan businesses will be reduced to 16 from 26. The job cuts represent more than 4% of Washington Mutual’s total workforce of about 60,000.
After an acquisition spree, Washington Mutual is trying to boost efficiency by reducing the real estate it uses and moving back-office functions to lower-cost domestic and offshore locations.
But the bank also said in a statement on Wednesday that it’s cutting costs at its home-loan business to “better match current and anticipated mortgage-market conditions.” Signs that the once-hot housing market is beginning to cool have accumulated this year. via MarketWatch.
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