No more free donuts! I'm outta here!
My only question is what do the other 56,000 Countrywide employees do now that housing has fallen off the cliff? Well, besides read HousingPanic at work and get their resumes ready?
My prediction - 30,000+ Countrywide layoffs by the time this meltdown is over, seeing that they added 22,000 since 2003 alone. Easy come, easy go.
Oh, and more importantly, and more sadly, I'd predict two layoffs at the local Calabasas donut shop.
Countrywide Financial Corp., Calabasas, Calif., the nation's largest residential lender, has confirmed that it will cut up to 10% of its "general and administrative" work force in the coming months.
A Countrywide spokesman confirmed the job cuts to MortgageWire but could not offer a head count for the reduction. Layoffs have already begun, he said. Countrywide employs about 56,000 nationwide. He stressed that the layoffs -- which the company hopes to achieve mostly through attrition -- will not affect the lender's sales staff.
One source told MW that the company has even canceled its regular practice of providing employees with free doughnuts on the last Friday of every month.
September 27, 2006
Oh, the humanity. Countrywide cuts 6,000 more jobs, but more importantly, no more Free Donut Fridays
Posted by blogger at 9/27/2006