An earlier update incorrectly characterized cost-cutting measures taking place at Countrywide Financial Corp. The company said it would be cutting its workforce by a total of 2,500 employees including some 847 terminations that have already taken place. Countrywide in September notified employees that it was beginning a workforce reduction of 5 percent to 10 percent in non-revenue producing areas. The elimination of a total of 2,500 workers amounts to a 4 percent reduction across the country, not in Calabasas as previously reported. The cuts will come from non-revenue producing areas, and sales and production support personnel will not be affected, Countrywide said. Countrywide has instituted several programs to reduce expenses. Along with the headcount reduction, the programs are expected to generate a $500 million savings by the end of 2006. The savings will not come solely from the workforce reduction as previously reported.