Industry News

First American Corp. laying off 1,900

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First American Corp. says it will save $108 million a year by laying off about 1,900 workers in the second and third quarter of the year -- nearly all of them in title insurance. The Santa Ana, Calif.-based company, which recorded a $66 million loss in the second quarter, announced Tuesday that it was also eliminating $16 million in annual perquisites and benefits for executives as a cost-cutting measure. First American said it cut 600 positions in the second quarter, and plans to lay off another 1,300 employees in the third quarter. Of the 1,900 positions being eliminated, 1,400 are in title insurance. A First American competitor, LandAmerica Financial Group Inc., last week announced it will reduce its workforce by about 1,400 people in the second half of 2007. In addition to title insurance, First American provides mortgage and property information. In its last quarterly report to investors, the company said earnings for the first half of the year totaled $17.8 milli...