Bear Stearns and Credit Suisse Announce More Layoffs |
| New York Times - Oct 4, 2007 |
Bear Stearns said yesterday it was laying off 310 workers and fusing its two mortgage businesses, after turmoil in the home loan industry contributed to a drastic slide in the investment bank’s profit this summer.
The news came hours after Credit Suisse said problems in the mortgage market would linger as long as 18 months. It also announced 170 layoffs in its investment banking unit, on top of the 150 layoffs announced last week in New York and London, mainly from its mortgage-backed securities unit.
Bear Stearns said it was integrating its Bear Stearns Residential Mortgage and Encore Credit divisions into a single subsidiary. The new unit will soon offer loans eligible to be purchased by government-sponsored entities. Such loans are considered safer than most.
Read Full Article from New York Times
- Posted: 2007-10-04 10:23:09
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
