Countrywide Layoffs: More Trouble for Countrywide Financial
Filed under: Business, News | By: Roy
Posted on: August 20, 2007 | 1 Comment
Things are not going well for Countrywide Financial. There were concerns of a possible bankruptcy after days where shares in Countrywide Financial fell the most since the stock market crash of 1987.
Now there is more bad news coming from Countrywide Financial, the biggest mortgage lender in the USA. Countrywide layoffs are apparently going to be taking place to help the company survive the credit crunch taking place in the financial markets at the moment.
So far it is unclear how many employees will lose their jobs in the Countrywide layoffs but the company has 61,000 employees. This means that even is the Countrywide layoffs were for 10% of the workforce, that would still leave 6,100 without a job as a results of the Countrywide layoffs.
What do you think of Countrywide Financial and the Countrywide layoffs?
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What do we think? How about instead of Mozilo selling off his stock which is making countrywide pay out more cash that they dont have, and instead of laying off employees, why dont the execs that have salaries in the millions, take a pay cut down the the rest of the companies level. Thus less cash going out, and gives employees and customers a sense of pride that they are all in this together, rather than the high and mighty’s get paid, and whatever crumbs that are left get divided between the employees that are left. Past wars were won when the generals were out on the frontline WITH his guys. not behind giving orders, but not in the line of fire.