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Rumor? Wamu Wholesale Goes Down!

perfectfireperfectfire
edited April 2008 in The Economy
From Mortgage Lender Implode-O-Meter:
Washington Mutual will announce later today they are backing out of Wholesale entirely, and Retail is retreating to the bank footprint. Expect an email blast to Brokers later today.

Word is "They will leave the retail division in Jacksonville & Downers Grove" and all wholesale deals must close by June 30th.

Implications for jobs in the Seattle area?

Comments

  • UbersaladUbersalad
    There had been rumor about closing wholesale office in Bellevue since late last year, which I heard was pretty true at that time. This news goes in line with what I heard, so I am not surprised.
  • uwpuwp
    I have also heard that they are closing home loan centers and shutting down wholesale entirely.
  • The_TimThe_Tim
    I think we can safely move this one out of the "rumor" category, and into "confirmed."

    WaMu announces 3,000 layoffs
    The Associated Press wrote:
    The Seattle-based thrift said it will lose $1.1 billion during the first quarter and take a provision for loan losses of $3.5 billion - $1.5 billion more than previously expected. Wall Street had forecast a loss of $344.3 million, according to Thomson Financial survey of analysts.

    Separately, the country's largest savings and loan said it will get out of the wholesale lending business, close all remaining standalone home loan centers and lay off 3,000 workers.
    Related post up on the blog: WaMu: Goodbye, Home Loans
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