The Wall Street Journal-20080118-Lehman to Cut 1-300 Jobs
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Lehman to Cut 1,300 Jobs
Full Text (80 words)
NEW YORK -- Lehman Brothers Holdings Inc. announced it will "substantially" reduce its U.S. residential-mortgage lending, suspending its warehousing operations.
The move will result in some 1,300 job cuts at Lehman's Aurora Loan Services business, which will continue to originate loans directly with consumers and service loans. An approximately $40 million charge is expected from the consolidation.
Loan warehouses provide capital to third parties such as mortgage brokers to make mortgages. Numerous firms have exited that business in recent months.
