IndyMac Lays Off 110

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IndyMac Federal Bank, which was seized July 11 by federal regulators, said Thursday that it has laid off about 110 employees.

The cuts will come mainly at the failed thrift’s corporate headquarters in Pasadena, bringing the company’s workforce to roughly 3,700, said IndyMac spokesman Evan Wagner.

On July 7, several days before the thrift was placed under control of the Federal Deposit Insurance Corp., IndyMac announced it would eliminate more than half of its 7,200 positions. At the time, the company said it expected to announce an additional 500 to 1,000 layoffs, but Wagner said the cuts likely will stop after this latest round.

“At this point, we don’t expect any more large-scale layoffs,” he said.

The FDIC hopes to find a buyer for IndyMac or its assets within the next 90 days.

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