H&R Block Inc on Tuesday said it will eliminate 575 jobs at its Option One Mortgage Corp subprime lending unit, on top of 615 job losses announced on May 15. Block expects to incur a $19 million pretax restructuring charge in its current fiscal year in connection with the additional cuts. It said Option One expects to complete the expanded restructuring by Dec. 31.
In April, H&R Block had agreed to sell Option One to private equity firm Cerberus Capital Management LP. On Aug. 30, H&R Block said the sale may fall apart, and that Cerberus might buy just the loan servicing business. Block, the largest U.S. tax preparer, continues to partner with HSBC USA on high interest tax refund anticipation loans which critics say sours the reputation of Block and HSBC.
Hi, I'm Jen and I'm here to help. Submit your complaint here or get help here
This article, Block Eliminates 575 Option One Jobs, is just one of our articles from our Mortgage Crisis Daily
The Subprime Mortgage Crisis Before, During, and After
Mortgage Crisis Daily monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
