Items Tagged with 'Layoff'


Ocwen cutting 10% of U.S. workforce

Cutbacks at Waterloo, Iowa facility part of cost-cutting initiative
As part of its previously announced cost-cutting initiative, Ocwen Financial announced Thursday that it intends to reduce the size of U.S. workforce by 10%. And while it was not an easy decision for the servicer to make, the CEO said it was necessary to ensure long-term success.
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JPMorgan Chase reportedly laying off 5,000 employees

Cuts would represent at least 2% of bank’s staff
JPMorgan Chase is set to lay off approximately 5,000 of its employees as part of cost-cutting measures. The job cuts reportedly already began earlier this year and would represent at least 2% of the bank’s staff.
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Bank of America slashes another 250 employees

Continues to reduce portfolio of bad loans
Bank of America's not done with its layoffs as it continues to scale back its staff to “normal levels.” This marks the third round of cuts in less than six months, as the company announced that it is laying off 250 mortgage and technology workers in Charlotte.
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Bank of America to cut hundreds of legacy servicing staff

As delinquent loans decline, BofA “returning staff to normal levels”
For at least the second time in less than six months, Bank of America is set to lay off hundreds of workers from its legacy mortgage servicing operations as the bank continues to cut back its servicing staff due to a decline in delinquent loans.
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Flagstar posts big loss in shrinking mortgage market

CEO hopes 'to achieve profitability in any mortgage environment'
"During the quarter, we made the determination to significantly bolster our loan loss reserve estimates which results in an increase to the loss coverage period from approximately 12 months to 18 months," Flagstar CEO Sandro DiNello said.
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JPMorgan plans 8,000 layoffs

Banks adjust for challenges in mortgage market
JPMorgan Chase plans to reduce its mortgage banking headcount by 6,000 in 2014. However, this is still less than the huge layoffs witnessed in 2013.
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