Job losses in 2007 cross 40k mark
At the North Carolina offices of mortgage lender HomeBanc, Archie Clark is the only employee left. But in a few days, he’ll be gone too.
By Agencies |
CHARLOTTE: At the North Carolina offices of mortgage lender HomeBanc, Archie Clark is the only employee left. But in a few days, he’ll be gone too.
When Clark finishes helping movers from the company’s Atlanta headquarters collect computers and other property, he’ll join the more than 25,000 workers nationwide who lost jobs in the financial services industry since the beginning of the month - with more than half coming since last Friday.
With few exceptions, the cuts are the direct result of woes in the nation’s housing market. More layoffs are announced daily. On Wednesday, Lehman Brothers Holdings closed its “subprime” mortgage business, laying off 1,200 workers at 23 offices; Scottsdale, Arizona-based 1st National Bank Holding closed its wholesale mortgage unit and cut 541 jobs, and Accredited Home Lenders Holding added 1,600 positions to the heap. Banking giant HSBC also said it will close the main financing office and cut 600 jobs.
Since the start of the year, more than 40,000 have lost their jobs at mortgage lending institutions, data complied by a global outplacement firm Challenger, Gray & Christmas.
Meanwhile, construction companies have announced nearly 20,000 job cuts this year, while the National Association of Realtors expects membership rolls to decline this year for the first time in a decade.
When Clark finishes helping movers from the company’s Atlanta headquarters collect computers and other property, he’ll join the more than 25,000 workers nationwide who lost jobs in the financial services industry since the beginning of the month - with more than half coming since last Friday.
With few exceptions, the cuts are the direct result of woes in the nation’s housing market. More layoffs are announced daily. On Wednesday, Lehman Brothers Holdings closed its “subprime” mortgage business, laying off 1,200 workers at 23 offices; Scottsdale, Arizona-based 1st National Bank Holding closed its wholesale mortgage unit and cut 541 jobs, and Accredited Home Lenders Holding added 1,600 positions to the heap. Banking giant HSBC also said it will close the main financing office and cut 600 jobs.
Since the start of the year, more than 40,000 have lost their jobs at mortgage lending institutions, data complied by a global outplacement firm Challenger, Gray & Christmas.
Meanwhile, construction companies have announced nearly 20,000 job cuts this year, while the National Association of Realtors expects membership rolls to decline this year for the first time in a decade.
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