Released: August 23, 2007

Laid off? Cut back and get back out

Source: Michelle Singletary, Washington Post (Free Registration)

Capital One’s ubiquitous advertising campaign - “What’s in your wallet?” - has taken on a different and jarring meaning for hundreds of workers in its mortgage-banking unit since the financial services company announced a wave of layoffs this week.

Capital One said it is shutting down the residential mortgage origination operations at its wholesale mortgage-banking unit, GreenPoint Mortgage. The closing will result in the loss of 1,900 jobs at GreenPoint’s California headquarters and at 31 other locations in 19 states.

Capital One joins a growing list of companies that are laying off workers during the mess in the mortgage industry. Before filing for Chapter 11 bankruptcy protection, American Home Mortgage Investment said it was immediately cutting its workforce to 750 from 7,000.

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