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Business Briefing / BANKING

WaMu to lay off 1,200 employees

June 20, 2008|From Times Wire Services

Washington Mutual Inc., the country's largest thrift, plans to cut 1,200 jobs nationwide.

The Seattle company, hit hard by turmoil in the mortgage and credit markets, said some layoffs would be in its home-loan business. Workers in that WaMu unit have been the target of recent layoffs as the company has stopped offering sub-prime mortgages and other risky loans.

WaMu said eligible laid-off employees who didn't find other jobs inside the company would receive severance and job-placement assistance.

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