WaMu cuts 1,200 more jobs

By: HousingWire staff
June 19, 2008

We’d heard rumors about this, via MarketWatch:

Washington Mutual said Thursday that it is cutting 1,200 more jobs as part of the lender’s efforts to reduce costs and return to profitability. More than half of the job cuts — 775 positions — are in California and Florida, two formerly booming real estate markets that have been hit hard by the mortgage crisis. Another 270 positions were reduced in Washington state. The cuts are part of a plan WaMu announced in April to lower expenses by $500 million to $600 million, according to a spokesman at the lender. WaMu already cut 3,000 jobs earlier this year as it closed a series of home loan centers. The job losses announced on Thursday affect back-office and support workers.

Expect further cuts at other large banks shortly.