Countrywide to cut up to 12,000 jobs
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Countrywide Financial Corp, the largest U.S. mortgage lender, said on Friday it plans to cut 10,000 to 12,000 jobs to cope with weak housing demand, rising foreclosures and tightening credit markets.
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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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General Motors Europe will slash its workforce by around a fifth, cutting as many as 12,000 jobs in a bid to halt chronic losses in the region, the world's biggest carmaker said on Thursday.
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Countrywide, the biggest US mortgage lender, will cut up to 20% of its staff, as business slumps.
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Alcatel-Lucent  on Friday said it would cut some 12,500 jobs over three years as it reported a dip into net loss for the fourth quarter and forecast a drop in first-quarter revenues.
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The Bank of America Corporation said yesterday that it would cut an additional 4,500 jobs from its ranks, beginning this month, as it simplifies operations.
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CALABASAS, Calif., Sept. 12 -- Countrywide Financial said Thursday that it had increased its borrowing capacity by $12 billion as it struggles to weather the slowdown in the housing market.
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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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Countrywide Financial Corp., the largest U.S. mortgage lender, said on Monday that foreclosures rose to a five-year high and turmoil in the subprime market may hurt earnings, and its shares fell.
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Citing a difficult market for home builders, Pulte Homes Inc.  said on Tuesday it would cut 16 percent of its work force, adding to previously announced job cuts.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Thursday that it had lined up $12 billion of secured financing to help cope with a housing slowdown that has reduced loan demand and will lead to widespread layoffs.
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Mortgage lender IndyMac Bancorp Inc. said Tuesday it will slash its work force by 24 percent, laying off 2,403 employees in a bid to cut costs as it tries to weather the worsening housing slump and problems selling home loans to investors.
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Bank of America plans to cut about 150 city jobs as it trims its overall staff by 4,500, people familiar with the situation said. The cuts at the bank, which already said it would slash 12,500
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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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Bank of America has an option to cut at least 4,500 jobs while reorganizing its structure. This is not the first time when the bank reduces jobs.
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Countrywide, the nationâs largest mortgage lenders, said Friday that it would lay off up to 20 percent of its workforce over the next three months.
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Countrywide Financial Corp , the largest U.S. mortgage lender, on Tuesday offered to refinance or restructure up to $16 billion of adjustable-rate mortgages through the end of 2008.