December 2, 2008 – 1:09 am
J.P. Morgan Chase & Co. announced plans to lay off about 21% of Washington Mutual Inc.’s employees by the end of 2009. J.P. Morgan, which acquired WaMu in September for $1.9 billion after it was seized by the government, told employees yesterday that it will lay off 4,000 workers by the end of January, according [...]
September 3, 2008 – 10:24 pm
Further proof that the subprime mortgage fiasco is still with us appeared today as GMAC dropped a bomb. GMAC Financial Services and its Residential Capital subsidiary plan to close all 200 GMAC mortgage retail offices nationwide, and cut the ResCap work force by 5,000 employees, or 60 percent. Workers say the field is already saturated, [...]
It seems as though Wachovia is cutting jobs to compensate for another huge loss. This former small North carolina bank knows what it’s like to grow over the years. Too bad they did not follow the Wells Fargo model of pricing by risk, as opposed to the HSBC Finance model of giving loans to anyone [...]
Check out this statement from Paul Miller, a Friedman, Billings, Ramsey & Co analyst regarding IndyMac: “Given continued home price declines, management’s higher loss estimates, recent ratings agency downgrades on the company’s mortgage-backed securities and the company’s decision to stop new mortgage originations, we do not believe that there is any value left for common [...]
One report by Reuters said the U.S. lost 49,000 jobs in May, the fifth straight monthly decline, and the unemployment rate rose to 5.5 percent, the biggest jump in than two decades. Somehow the data for May is open for debate. A different report said 25,000 jobs were added in May, although it is hard [...]
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