Washington Mutual to cut 2,500 jobs

[Kadie]

Washington Mutual to cut 2,500 jobs

Thursday, July 22, 2004
07-22) 13:27 PDT SEATTLE (AP) --

Washington Mutual Inc. said Thursday it will cut 2,500 jobs and close operations across the country as it tries to improve its struggling mortgage business.

The Seattle-based banking company said it plans to eliminate about 1,840 jobs as it closes approximately 100 retail lending and loan processing offices. The rest of the jobs will be eliminated when the company closes a mortgage loan processing facility in San Antonio.

The company said it expects to close most of the offices by the end of September, and the job cuts should be completed by the end of the year.

The cuts come as WaMu tries to boost its once-thriving mortgage business. The company said Thursday it wanted to "sharpen the focus of its retail mortgage lending channel."

http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2004/07/22/financial1600EDT0265.DTL&type=business

[mhr]

1. The Bush Economic Miracle Rolls On!

eom

[roguevalley]

2. maybe they can have one of those new jobs, you know .. the ones with

the apron and flippers

[KoKo]

3. Wait! Economy is great....ReFi's are rolling along and home buyers are

lining up to "Flip Properties," and take their "Equity to buy Stocks, SUV's and Goodies from Tiffany and Gucci!"

What? this must be low class/welfare folks who had those mortgages...nothing that has to do with the REAL BUSH ECONOMY...nothing to see here, move along.

NOT!

[Pachamama]

4. Rollin, rollin, rollin, keep that Bu$h economy rollin...

...roll on...:(

[Ilsa]

5. Here's the other ones I've seen on DU:

Capital One ends 1,100 Tampa jobs
The company, which had been given tax breaks to bring jobs to the area, closes its center to outsource the jobs.

By JEFF HARRINGTON, Times Staff Writer
Published July 22, 2004

Capital One is shutting down its sprawling credit card call center in Tampa, eliminating 1,100 jobs and delivering a serious blow to a decadelong effort to upgrade the area's economic base.

The Tampa job cuts, which were announced along with smaller staff reductions in Dallas and Richmond, Va., are part of Capital One's ongoing push to outsource much of its customer relations work.

Salaries at the Tampa center range from $35,000, with bonuses, to $100,000 for some managers, employees said. They said they were told their jobs would be sent overseas, but the company would not say where the work will be done. About 350 jobs will remain in Tampa.
snip

http://www.sptimes.com/2004/07/22/Business/Capitol_One_ends_1_10.shtml


Thursday, July 22, 2004
Mitsubishi cuts 1,200 U.S. jobs
Struggling automaker plans furloughs at Normal, Ill., factory to restore profits

Detroit News staff and wire reports
NORMAL, Ill. — Mitsubishi Motors Corp. will lay off 1,200 workers this fall at its only U.S. plant, trimming car production as part of a worldwide revival plan the automaker hopes will pare mounting debts.

The Japanese automaker, battling losses from bad credit and recall scandals, said production will be cut from two shifts to one in October at the Normal, Ill., plant, which now has more than 3,100 workers.

“This was a very difficult decision, but we believe it is necessary for the long-term success of the company,” said Rich Gilligan, president and chief operating officer of Mitsubishi Motor North America’s Manufacturing Division, in a statement.
snip
http://www.detnews.com/2004/autosinsider/0407/22/c01-219655.htm


J.P. Morgan plans more job cuts
2,000 to lose positions, but no additional cuts for Delaware

By TED GRIFFITH
Staff reporter 07/22/2004

J.P. Morgan Chase & Co. said Wednesday it plans to cut an additional 2,000 jobs in the United States but will not cut more jobs in Delaware than previously announced.

Following J.P. Morgan's merger with Bank One Corp., the company said it would eliminate 600 jobs in Delaware, where its credit card operations are based. Those cuts are expected to take place over the next six months. The announcement Wednesday does not change the outlook for Delaware, spokeswoman Juliette Ballak said.
SNIP

http://www.delawareonline.com/newsjournal/business/2004/07/22jpmorganplansmo.html