Novastar to Slash Lending and Cut Jobs
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The company said it would eliminate 275 jobs and slash direct mortgage lending to preserve cash after it was forced to cancel a $101.2 million rights offering.
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After suffering heavy trading losses from bad mortgage investments, Bank of America said it was scaling back its investment banking operations and shedding 650 more jobs.
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Software maker Computer Associates  on Wednesday said it would cut 800 jobs, or 5 percent of its work force, to pare costs amid stiff competition in software and services.
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Bank of America Corp  on  Thursday said it will stop offering home mortgages through  brokers by the end of the year, resulting in a loss of 700  jobs, so that it may focus on lending directly to consumers.
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CHARLOTTE - Bank of America Corp. , the second-biggest US bank, plans to stop making loans to mortgage brokers by year-end, a move that will cut 700 jobs, the bank said yesterday.
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CHARLOTTE, NC -- Bank of America said Thursday it will cut about 4,500 jobs, or about 2.5 percent of its work force, beginning this month as a result of its merger with FleetBoston Financial Corp.
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CHARLOTTE, NC Bank of America says it&#39;s cutting about 45-hundred jobs beginning this month as a result of its merger with FleetBoston Financial.
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IndyMac Bancorp Inc , one of  the largest independent U.S. mortgage lenders, plans to cut  1,000 jobs and halve its dividend, and may report its first  quarterly loss in more than eight years, as defaults climb and  loan volumes decline.
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NEW YORKâSoftware maker Computer Associates International Inc. says it will cut 800 jobs, or 5 per cent of its workforce, to reduce costs amid weaker demand and falling prices for software and services.
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IndyMac Bancorp is the latest US mortgage lender to announce job cuts as the credit crunch continues to bite.
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Bank of America said today it will cut about 2.5 percent of its work force beginning this month as a result of its merger with FleetBoston.
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New Century Financial Corp., the largest independent U.S. subprime mortgage lender, said on Monday its lenders plan to halt financing, pushing the company closer to bankruptcy amid dwindling cash and $8.4 billion in obligations that could come due immediately.
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Freddie Mac (FRE.N: Quote, Profile, Research) , the No. 2 US mortgage finance company, on Monday said it will shutter its broker-dealer business unit in a step
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IndyMac Bancorp Inc , one of  the largest U.S. mortgage lenders, said on Tuesday it is  eliminating 2,403 jobs, or 24 percent of its workforce, to cope  with deteriorating housing and capital markets.
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Switzerland's Novartis AG will slash 2.5 percent of its global workforce, aiming for annual savings of $1.6 billion in 2010 and becoming the latest major drugmaker to undertake a severe restructuring.
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Morgan Stanley  on Wednesday said it will eliminate 1,000 jobs as it scales back its U.S. residential mortgage operations and closes its British residential mortgage lending business, Advantage Home Loans.
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Morgan Stanley  will slash more than 1,000 jobs in the coming week, trimming costs ahead of what it expects will be a tougher business environment, a person briefed on the moves said on Thursday.