This has to be some kind of record for us- we’ve never had this many posts in one day. Just when I was about to call it quits for the evening though, I was forwarded a copy of a letter issued by Angelo Mozillo Chairman of Countrywide Financial and Dave Sambol, President, explaining all the layoffs at Countrywide Financial today. Here’s the most relevant excerpt. The letter in its entirety follows for those hardcore types who can’t read enough about CFC:
As has always been the case in previous cycles when the market has shifted and our volumes and related revenues fell, we need to again adjust our organization by scaling back our operations and reducing our cost structure accordingly. Unfortunately, the only way to accomplish this is to make significant reductions in our workforce which we estimate to range between 10,000-12,000 employees (which includes reductions that we have already made). As of July 31, Countrywide employed more than 61,000 people. The areas primarily affected will be our production divisions, and the general and administrative support areas of the Company. Areas which we do not expect to be materially impacted by workforce reductions include our banking operations, our insurance businesses and our loan servicing operations, each of which are expected to continue growing in both the short-term and long-term. As noted above, the distributed retail unit of our Consumer Markets Division will continue to aggressively grow its sales force while adjusting its expense structure to the new reality of the marketplace.
