Lender INDY-MAC to eliminate 2,403 jobs

[flippinout]

LOS ANGELES - Mortgage lender IndyMac Bancorp Inc. said Tuesday it will slash its work force by 24 percent, laying off 2,403 employees in a bid to cut costs as it tries to weather the worsening housing slump and problems selling home loans to investors.
The job cuts include a significant reduction in temporary vendor staffs, mainly in India, the Pasadena-based company said.
Around 1,000 of the employees targeted by the company were being cut immediately with one to three months of severance pay. Others leaving the company include some who accepted early buyout packages, voluntarily resigned or are expected to resign by the end of March, the company said.

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[lily]

This just can't be a good sign when a mortage company starts laying off workers. I read in the article that this comes after there were 1,600 voluntary resignations last year.