Washington Mutual To Cut 3,150 Jobs
This is a true case of “if you live by the sword you die by the sword.” Washington Mutual, or WaMu, grew dramatically on their mortgage business.
There are 4 branches now within 10 miles of my house that have been built over the past couple of years when there were none before. Now with the slowing of the mortgage industry they are caught in a huge over expansion and are closing many of their locations.
Washington Mutual Inc., citing growing mortgage losses, said Monday that it would slash its dividend by almost three-quarters, cut 3,150 jobs and raise $2.5 billion in new capital.
The savings and loan, one of the largest U.S. home mortgage lenders, said a sharp downturn in demand for home loans was forcing it to eliminate 2,600 mortgage and 550 corporate support jobs, or 11% of its total staff, and close 190 of 336 mortgage offices. via Los Angeles Times.
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