Bear Stearns to cut 310 mortgage jobs
Published: Thu, Oct. 04, 2007 12:00AM
Modified Thu, Oct. 04, 2007 03:08AM
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closeNEW YORK -- Bear Stearns, the second-biggest underwriter of mortgage-backed securities, is cutting 310 jobs from its units that originate mortgages after the firm reported the biggest profit decline in a decade.
The company, which has cut its mortgage-origination work force by 40 percent this year, said it also will merge its Encore Credit and Bear Stearns Residential Mortgage units.
Morgan Stanley, Lehman Bros. Holdings and Merrill Lynch have also eliminated mortgage jobs.
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Wall Street firms, which package home loans into bonds and sell them to investors, bought mortgage companies in recent years to assure a steady supply and are now stuck with too much capacity.
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