Angelo Mozilo, CEO of financially troubled Countrywide Financial is about to pull a Donald Trump on 12,000 of his employees. Mozilo has announced that Countrywide plans to fire 10,000-12,000 people within the next three months.
In a letter to employees, Mozilo said, “The current downturn in the U.S. housing and mortgage markets is certainly the most severe in the contemporary history of our industry.”
Weak housing demand, rising foreclosures and tightening credit markets are being blamed for the cuts.
The company said cuts would be mainly in mortgage production and general and administrative support. Banking, insurance and loan servicing operations are unlikely to be affected.
A 12,000 person reduction would amount to approximately 20 percent of Countrywide’s work force.
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