Job Losses

Lehman Head Trader Beaman Disappears

Written by Leatherneck on September 13, 2007 under Archives, Job Losses

A head trader on the commercial mortgage-backed securities desk at Lehman Brothers Holdings Inc is no longer with the investment bank, the company said on Thursday. The executive, John Beaman, is no longer with the company. No reason for his departure was given. Sometimes a reason puts an end to speculation, but sometimes no reason is needed. We will let you decide why Beaman is no longer with the company.

Block Eliminates 575 Option One Jobs

Written by Leatherneck on September 12, 2007 under Archives, Job Losses

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.

Mortgage Industry Keeps Cutting Workforce

Written by Leatherneck on September 09, 2007 under Archives, Economic Impact, Job Losses

More than 15,000 jobs have been eliminated this week alone, as IndyMac Bancorp, National City Corp. and Lehman Brothers Holdings Inc. announced reductions. More than 100 mortgage companies have sought buyers or halted lending since the start of 2006. Countrywide Financial Corp., the nation’s biggest mortgage company, may reduce its workforce by 10,000 to 12,000 in the next three months, a 20 percent cut.

Countrywide to lay off as many as 12,000

Written by Leatherneck on September 07, 2007 under Archives, Job Losses, Lenders

Once again it seems like some of the banks and companies that got out in front of subprime issues are the ones that really need to be watched. Only a few weeks ago Countrywide told us they had billions in liquidity and there was nothing to worry about. Shortly thereafter we heard speculation about Countrywide and bankruptcy. That never happened but the company certaining is singing the mortgage blues, as massive layoffs were announced today:

Lehman Cuts 850 More Jobs

Written by Leatherneck on September 07, 2007 under Archives, Job Losses

Lehman Brothers Holdings Inc., the brokerage that shut its subprime mortgage business last month, is cutting 850 more jobs, mostly at a U.S. subsidiary catering to borrowers with better credit scores, as the nation’s faltering housing market takes its toll on Wall Street.

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