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Retail mortgage lender loanDepot has announced that it will cut a further 2,000 jobs by the end of this year, a move that will see its workforce reduced by 4,800 employees in total between the beginning and end of 2022.
The California-based mortgage giant said the cuts would “aggressively rightsize” its cost structure as part of a new program, entitled “Vision 2025,” aimed at generating between $375 million and $400 million in annualized savings – with mortgage originations having contracted sharply in 2022.
In a filing with the Securities and Exchange Commission, the lender said its workforce was expected to total 6,500 by the end of this year, down from 11,300 at year end in 2021. Up to $4.5 million is set to be paid in Q2 in severance and benefits, followed by up to $28 million in the final six months of the year.
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