by Calculated Risk on 2/15/2006 08:27:00 PM
Wednesday, February 15, 2006
Washington Mutual to cut 2,500 jobs
MarketWatch reports: Washington Mutual to cut 2,500 jobs
Washington Mutual announced 2,500 job cuts at its home-loan business late Wednesday, another sign of a cooling real-estate market.
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.
...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.
U.S. banks reported weaker demand for mortgages in the past three months, a Federal Reserve survey of senior loan officers found in January.