Bear Stearns Cos. is combining Encore Credit Corp., its Irvine-based subprime mortgage division, with its residential mortgage business in Arizona, the company said on Wednesday.
The restructuring will lead to about 310 mortgage-related layoffs for the company, including an unspecified number of Irvine workers.
Bear Stearns officials said the consolidated mortgage unit will be headquartered in Scottsdale, where the company’s Bear Stearns Residential mortgage unit is headquartered. The Irvine office will still be operational, the company said.
It’s the latest round of mortgage-related layoffs for Bear Stearns Cos., which has pared back its mortgage origination related workforce by 40% this year.
Irvine’s ECC Capital sold Encore Credit to Bear Stearns earlier this year.
