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LendingTree trims workforce by 20%

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LendingTree laid off about 440 workers Friday as a cost-cutting response to falling revenue and loan production. The layoffs took place at the company's headquarters in Charlotte, N.C., and at offices in Jacksonville, Fla., and Irvine, Calif. The company did not provide a breakdown of how many positions were eliminated in each city, but said the cuts affected 20 percent of LendingTree's 2,200 workers and were distributed across the company and across functions LendingTree provides loans to consumers online through third-party exchange lenders, and also makes loans itself through LendingTree Loans. According to the latest quarterly report by LendingTree's parent company, IAC/InteractiveCorp, the dollar value of loans closed by LendingTree's exchange lenders and LendingTree Loans fell 9 percent during the first quarter from the year before, to $7.4 billion. Revenue for the quarter was down 12 percent from last year to $100 million because fewer loans were sold into the secondary market...