According to an AP report, Pasadena, Calif.-based IndyMac plans to cut its workforce by 24%, laying off 2,403 employees. Temporary sales staff, including employees in India, will be reduced significantly in a move aimed at returning to profitability in the current market.
The layoffs follow a reduction of about 1,600 workers last year through voluntary resignations, the report adds. IndyMac intends to take a pretax charge to earnings for severance and other expenses related to the workforce cuts of about $25 million in the first quarter. The company expects to save $136 million in costs annually.