NEW DELHI: The sub-prime impact is far from over. One of the largest independent mortgage lenders in the US, IndyMac Bancorp, has decided to cut down staff with its temporary and outsourcing vendors by 27%, mainly in India.
Currently, three service providers in India, Cognizant Technology Solutions, ExlService Holdings and WNS, cater to the ninth-largest American mortgage lender. IndyMac’s move could impact about 400-450 people at the three service providers.
That’s not all. IndyMac CEO Mike Perry, in an email to employees, said another 500-1,000 of the company’s global workforce could be retrenched by June. The lender announced that it’s cutting 2,403 jobs, or 24% of its workforce, to attempt a return to profitability.
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