Labor & Economic News Blog


Monday, January 29, 2007

ResCap to cut 1,000 jobs from national workforce

ResCap to cut 1,000 jobs from national workforce
In StarTribune.com Business
Bloomington-based Residential Capital, one of the nation's 10 largest mortgage companies, will reduce its workforce by 1,000 positions during the next several months, reflecting a downturn in the housing industry, the company said in a recent Securities and Exchange Commission filing. The cuts represent about 7 percent of the firm's 14,000 U.S. workers and includes 200 vacancies that will not be filled. Stephen Dupont, a spokesman for the company, said fewer than 50 of the 1,900 Twin Cities headquarters and operations jobs will be eliminated.

 



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