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 Cutting one- half the workforce

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Company: IndyMac Bancorp (IMB)
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edit Cutting one- half the workforce

Top Contributor: Jack Bass | Created when IMB was $0.71 | Edit | History

Mortgage lender IndyMac Bancorp Inc., struggling to raise capital to stay in business, said Monday , Jul7 7th it has stopped accepting new loan submissions in its main mortgage lending divisions and plans to slash 3,800 jobs, or more than half of its work force.

The move comes as the lender works with U.S. banking regulators, who have determined the company is no longer well capitalized and have asked it to submit a new business plan designed to improve its financial footing, IndyMac Chairman and Chief Executive Michael W. Perry said in a letter to shareholders.

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