Ameriquest Mortage offers home loans and home equity loans to customers with less-than-perfect credit.
Ameriquest Mortgage had closed 229 branch offices, and laid 3,800 employees off in Arizona and in other states. The California based company has operated in the mortgage lending business since 1980.
The main reason for downsizing:
- company's decision to shift toward a business model that emphasizes Internet and phone service over sales associates.
- managers believe that this will help them to cope better with the rising interest rates and decreases in mortgage lending.
On my observation(since the article didn't mention their process of downsizing), they have undergone with this processes during the downsizing:
- Decide which branch will be closed as well as the employees that will be laid off
- When will be the notice be given
- Amount of severance pay
- Help the laid-off employee find another job
Ameriquest Mortgage said that they are moving strategically and decisively to remain a leader in an industry that was undergoing fundamental changes.
http://searchwarp.com/swa68772.htm
http://www.ameriquest.com
