Lehman Brothers Holdings Inc. and National City Corp. said Thursday more than 2,000 workers will be laid off as the financial institutions scale back their struggling mortgage businesses.
The moves represent just the latest wave of layoffs in the mortgage industry, which is suffering from decaying credit quality, slipping home prices, and a drainage of demand among investors and banks for home loans.
Two weeks after closing its BNC Mortgage LLC subsidiary, Lehman Brothers said it is winding down some of its U.S. and U.K. home lending businesses. The Wall Street brokerage is laying off 850 people, closing its Korean mortgage business, and folding its businesses in the U.S., Japan and Europe into a single unit called Lehman Mortgage Capital.
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Enjoyed reading - thank you.
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Frank P of http://www.todayloan.co.uk
Enjoyed reading - thank you.
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Frank P of Payday Loans
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