GE's WMC Mortgage unit lays off 460: spokeswoman
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General Electric Co.'s  WMC Mortgage unit is laying off 460 staffers across the United States, representing about 20 percent of its work force, spokeswoman Brandie Young said on Friday.
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Lehman Brothers Holdings and the National City Corporation said yesterday that they would lay off more than 2,000 workers as the banks scale back their struggling mortgage businesses.
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Countrywide, the biggest US mortgage lender, will cut up to 20% of its staff, as business slumps.
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Mortgage and vehicle fleet company PHH  Corp  said on Tuesday it terminated its nearly $2  billion sale to General Electric Co  and Blackstone,  after the private equity firm failed to obtain required  financing for the deal.
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SEATTLE - Real estate information start-up Zillow Inc. said late yesterday it closed a $30 million round of financing.
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IndyMac Bancorp Inc , one of  the largest U.S. mortgage lenders, said on Tuesday it is  eliminating 2,403 jobs, or 24 percent of its workforce, to cope  with deteriorating housing and capital markets.
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BANGALORE, INDIA -- General Electric Co. (GE) is selling a 60 percent stake in GE Capital International Services (GECIS), its business process outsourcing (BPO) subsidiary in India, for about $500 million, the company said Monday.
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Bank of America Corp. said yesterday it will eliminate 4,500 more jobs as it absorbs the operations of FleetBoston Financial Corp.
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Europeâs biggest bank said it would close an American unit as it scales back risk-taking after writing down the value of subprime mortgage investments by $14.7 billion last year.
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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General Electric Co.'s  consumer  finance arm plans to close 60 percent of its personal loan  branches in Japan and shed up to 400 employees amid an  industrywide slump prompted by tighter regulation.
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AOL laid off more than 450 employees at its corporate headquarters yesterday as part of plans announced earlier this year to cut costs and change the company's business strategy.
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General Electric Co. will sell a majority stake in its global outsourcing business to two US-based equity firms in an all-cash deal totaling $500 million, the industrial, financial services and media conglomerate said Monday.
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The mortgage lender posted a fourth-quarter loss of $509.1 million as it raised its loan-loss provisions to account for growing defaults and foreclosures.
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HARTFORD, Conn.  -- General Electric reported second-quarter profits of $5.4 billion Friday and said it was getting out of the U.S. mortgage business .
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The move puts more pressure on the company to close its subprime mortgage unit and shed other divisions not tied to the core tax business.
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Morgan Stanley  on Wednesday  said it will eliminate 1,000 jobs as it scales back its U.S.  residential mortgage operations and closes its British  residential mortgage lending business, Advantage Home Loans.