Washington Mutual cuts 900 jobs

Washington Mutual Inc., one of the big players in the California mortgage market, said on 7-13-06, it is cutting another 900 jobs to save money, and outsourcing some of that work.

The cuts are the latest in a series of major layoffs at Washington Mutual, which has struggled with slowdowns in the mortgage industry and is trying to slash overall costs. The layoffs were announced internally Wednesday.

In May, the Seattle savings and loan cut 1,400 jobs, and in February it cut 2,500 jobs. In 2004, the company also cut 2,500 jobs.

The latest cuts are in the company’s retail banking and home loans group.

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