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Tuesday, May 30, 2023

Mortgage Company Lays Off 700 Workers

More than 700 workers were laid off from WMC Mortgage, the Burbank-based subprime lending unit of General Electric Co. The layoffs were done as part of a realignment of resources to meet customer needs, a company spokeswoman told Reuters. The layoffs include closing facilities in Costa Mesa, San Ramon and Addison, Texas. Following the cuts, WMC will employ about 700 people, spokeswoman Brandie Young told Reuters. “It certainly is in response to the changes across the industry and to align us to the current operating environment,” Young told Reuters. The company in March laid off about 400 Burbank workers.

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