BRIEFCASE.Byline: -- Staff and Wire Services No mortgages for Capital One McLEAN, Va. -- Capital One Financial Corp. said Monday that it will cut 1,900 jobs and shutter its wholesale mortgage banking Wholesale mortgage banking The purchasing of loans originated by others, for the acquisition of the servicing rights. business, a move that comes as lenders continue to struggle in the nation's housing and mortgage markets. Capital One said it will shut down GreenPoint Mortgage and eliminate most of the jobs by the end of year. The company will "cease residential mortgage origination" effective immediately and close GreenPoint's Novato, Calif., headquarters and 31 locations in 19 states. The company said it will honor commitments to customers with locked rates who have loans already in the pipeline. GreenPoint specializes in no-documentation and Alt-A mortgage loans for borrowers with slightly better credit than subprime borrowers. In his memo, Fairbank said that market has seen a "significant reduction in liquidity and continuing volatility." Nasdaq abandons plans for London NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. Inc. said Monday that it has finally abandoned hopes to acquire the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and will sell its 31 percent in the U.K. market to focus on a takeover battle for Sweden's OMX OMX Office Max (stock symbol) AB. The second-largest U.S. stock exchange had made two attempts to buy the LSE LSE - Language Sensitive Editor in as many years, each time being soundly rejected by shareholders. Nasdaq executives had maintained they were not interested in selling their stake, holding out hope that some kind of agreement could be worked out amid sweeping consolidation among global exchanges. Robert Greifeld Robert Greifeld is the current CEO of NASDAQ. Robert Greifeld is President and Chief Executive Officer (CEO) of the Nasdaq Stock Market, Inc., the largest electronic screen-based equity securities market in the United States. , Nasdaq's chief executive, said he would use the sale to unlock billions of dollars from the stake. At least $1 billion of the proceeds would be used to retire debt and buy back shares, but some of the cash would likely be pumped into Nasdaq's takeover battle with Borse Dubai Borse Dubai is a stock exchange in the United Arab Emirates. It is the holding company for Dubai Financial Market (DFM) and Dubai International Financial Exchange (DIFX). to acquire Stockholm-based OMX. Atlanta bank set to cut 2,400 jobs ATLANTA -- SunTrust Banks said Monday that it will cut roughly 2,400 jobs, more than 7 percent of its total work force, by the end of next year. The company, which said it doesn't expect its sales to be affected by the move, will incur a pretax, one-time charge of $45 million in the third quarter of this year to cover costs associated with the job cuts. The move is part of several initiatives meant to save on costs and improve value for shareholders. The positions do not involve customer contact, Atlanta-based SunTrust said in a statement. As of Dec. 31, 2006, there were 33,599 full-time equivalent employees at SunTrust, according to a regulatory filing. In May, SunTrust said it had sold 9 percent of its holdings in Coca-Cola stock and would decide by the end of the year what to do with its remaining stake. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion