California-based mortgage lender LoanDepot has announced that it intends to lay off thousands of workers as the company deals with “rapidly changing market conditions.”
LoanDepot is aiming to generate about $375 million to $400 million in “annualized savings” by the end of 2022 by adopting measures like headcount reduction, the company said in a July 12 regulatory filing with the U.S. Securities and Exchange Commission.
Under the firm’s Vision 2025 plan, LoanDepot aims to reduce staffing levels from the 11,300 total at the end of 2021 to 6,500 by the end of 2022. At present, the company employs 8,500 people, which means another 2,000 employees are likely to lose their jobs….