its been about 1,000 employees a quarter and many offices being closed on the title side plus it looks like they are trying to get out of the agency business because of the expense and claims.So expect this trend to continue until profit margin increase to 6-7%. Not very realistic given the economy
The cuts are across the board impacting all parts of the organization but it seems to not have hit the executive suite in Santa Ana and Westlake yet. I would expect more late in the year, just around the holidays.
Last conference call Dennis Gilmore said that cost cutting measures would continue 3rd /4th qtrs.which are shaping up to be pretty bleak according to industries analyst. So I won't be surprise that earnings will nose dive, stock goes to $11. and substantial job losses. The eagle is wounded