Industry News

Job cuts in mortgage lending surpass 80,000

Outplacement firm expects more job cuts in financial sector

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Announced job cuts at mortgage lenders and in the financial sector continued to decline in November from August peaks, but the ultimate impact of the housing slump on workforce levels may be delayed for months. That's according to Chicago-based outplacement consulting firm Challenger, Gray & Christmas, Inc., which tallied 5,528 announced layoffs at mortgage lending institutions in November. That's down from a peak of 30,892 announced layoffs in August. The total number of announced job cuts in mortgage lending for the year-to-date, 81,681, is more than six times the total for all of last year, 12,874. There have been 147,395 announced layoffs in the financial sector through November, compared to roughly 50,000 in each of the two previous years. "We probably have not seen the last of financial job cuts tied to the housing slump and subsequent collapse in the credit markets," said the firm's chief executive officer, John Challenger, in a statement. "In fact, many analyst...