WaMu to Cut 2,500 More Mortgage Jobs

In an effort to revamp its cost structure, Washington Mutual has announced that it will eliminate an additional 2,500 mortgage-related positions from its workforce by the end of the year.That will bring WaMu's total job cuts in 2004 to approximately 8,500 positions, including cuts that have already been made or announced by the company. WaMu said it will close about 100 retail lending and loan processing offices in 17 markets where it does not have a retail banking footprint, though it will maintain wholesale and correspondent lending relationships in those markets. WaMu also said it is closing its loan servicing facility in San Antonio in a move that will account for 660 of the job cuts. Separately, the company announced that Craig Chapman, president of Washington Mutual Commercial Group, will now head the company's mortgage unit. His previous duties as chief administrative officer for WaMu will be dispersed to other executives, chairman and chief executive officer Kerry Killinger said during the company's July 22 quarterly earnings conference call.