WaMu cuts 140 in Chatsworth.Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. Inc. will cut another 140 positions at its Chatsworth campus, part of a new round of layoffs that will affect a total of 900 workers at the bank. The cuts bring to about 1,240 the total number of jobs slashed in the bank's regional San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. headquarters since January. The most recent round of layoffs come from WaMu's retail banking and home loan group, with the Valley cuts involving back-office functions related to the retail banking operation. Like the call-center layoffs earlier this year, the job functions will move to San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. . Despite the recent moves, WaMu officials said that there are no plans to eliminate the Chatsworth operation. "Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, is Washington Mutual's largest single market and it remains important to have some support functions located close to the field," said Tim McGarry Tim McGarry (born 1964) is an actor and comedian from North Belfast in Northern Ireland. He is a member of the comedy group Hole In The Wall Gang, and played "Da", a Sinn Féin spokesman, in the comedy series Give My Head Peace. , a spokesman for the bank. "So for that reason we will maintain a substantial presence in Chatsworth for the foreseeable future." Following the cuts, about 2,400 employees will remain at the Chatsworth facility. Seattle-based WaMu has eliminated nearly 4,000 jobs bank-wide since the beginning of the year in a cost-cutting effort designed to significantly reduce the company's non-interest expense-to-revenue ratio. The bank's goal is to bring its expense to revenue ratio to less than $0.50 on the dollar. As of March 31, it stood at $0.57. "So we still have a ways to go," McGarry said. Additionally, like many others, WaMu is closely monitoring the home mortgage market to keep expenses in line with the business trends in that sector. A portion of the 900 job cuts just announced involve residential appraisal work, which the savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. said it would outsource to two domestic companies. The bank also expects to move about 40 of its retail banking jobs to overseas companies. WaMu's offshoring
Offshoring describes the relocation of business processes from one country to another. efforts are expected to grow to 6,000 jobs by the end of 2007. The company outsources to India, the Philippines and Costa Rica. BY SHELLY GARCIA Senior Reporter |
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