FirstAm to Slash Payroll

The First American Corp., a provider of mortgage-related and other business information based in Santa Ana, Calif., has announced that it expects to slash its payroll by approximately 1,300 full-time equivalents in the third quarter.The company said the layoffs will be in addition to the approximately 600 FTEs eliminated in the second quarter and that, of the total, 1,400 will be in its title insurance and services business. The personnel reductions are expected to generate annualized cost savings of $108 million, of which $66 million is expected in the title segment, the company said. First American can be found online at http://www.firstam.com