Wednesday, September 20, 2006

Countrywide may cut jobs by 10%

Thanks to desi dude for the tip-

Countrywide blames housing sales slowdownBy Jim McLain, jmclain@VenturaCountyStar.comSeptember 20, 2006

The end of the real estate market boom is forcing one of Ventura County's largest employers to cut 5 percent to 10 percent of its work force over the next few months, a top executive told workers Tuesday.

Countrywide Financial Corp., the country's largest mortgage lender with about 5,700 workers in Simi Valley, Thousand Oaks and Westlake Village, instituted a 60-day hiring freeze and plans to reduce staffing in several areas, Dave Sambol, president and chief operating officer, said in a memo obtained by The Star.

The memo does not mention layoffs, but several workers leaving the company's Westlake Village office as security guards roamed the parking lot declined to discuss layoffs or said they were told not to talk with the media.

A Thousand Oaks woman who did not give her name said she received two weeks severance pay after working for the company the past 2 years. She clutched a packet she said contained information to help her find another job.

She added that layoff rumors that had been swirling on the Countrywide campus for weeks were confirmed Tuesday morning."You found out because your vacation time on your paycheck was gone," she said.Countrywide officials did not return The Star's repeated calls for comment.

The Calabasas-based holding company, which offers a range of financial services, has more than 56,000 employees and some 900 offices nationwide. That means the cutbacks might directly affect as many as 5,600 workers.


Anonymous said...

This will seriously hurt Ventura County!

desi dude said...

welcome crispy!

many of you here and at bens blog (and njrereport, ofclipper, bubble track.....) have become friends. as if we know each other for some time. At least to me.

keep up the good work. Now that ben's blog hosed for two days, you got to hold the fort man. keep it up

Rob Dawg said...

Countrywide has already let go more than 500. No "may" cut about it.

Bakersfield Bubble said...

have become friends. as if we know each other for some time. At least to me.


Same here!!