Countrywide Starts Local Job Cuts

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Countrywide Financial Corp. has started cutting jobs in Southern California as part of its plan to slash up to 12,000 positions companywide, the Ventura County Star reports.


The nation’s largest mortgage lender has notified the state Employment Development Department that it is terminating 131 employees at offices in Westlake Village and Calabasas.


The eliminated jobs are part of the company’s capital markets division and include vice presidents, analysts, traders and others. Three employees from Countrywide Bank, classified as “wire room operations specialists,” also are being laid off.


Countrywide did not provide the state with a breakdown of how many employees were cut from each location in its letter. Companies are required to submit a Worker Adjustment and Retraining Notification when mass layoffs occur. It allows the state to assist with job placement services.


The company letter says current economic conditions and business needs drove the need for job cuts.


In its letter, Countrywide states it notified employees on Sept. 13 that layoffs will occur beginning Nov. 12.


Read the full Ventura County Star story

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