Mortgage lender IndyMac Bancorp. will cut over half its workforce, removing over three thousand jobs. The company is facing an extremely difficult future as it struggles to raise capital in order to remain in business. The CEO of IndyMac will also cut his own salary by over half. However, the company's economic future does not look particularly bright in the short-term: it is expected that second-quarter losses will be even greater than those sustained in the first quarter of this year, though the company maintains that it is not yet near financial default.
See "IndyMac stops loans and cuts staff by 3,800", Associated Press, International Herald Tribune, July 7, 2008