Santa Ana-based First American Corp. said on Tuesday it plans to cut 1,300 jobs during the third quarter, primarily in its core title insurance business, as a result of the slumping housing market.
First American cut another 600 jobs last quarter. The combined personnel reductions are expected to save the company $108 million.
Of the 1,900 total jobs cuts announced, 1,400 are in the company’s title insurance and services segment. First American vies with Jacksonville, Fla.-based Fidelity National Financial Inc. as the country’s largest title insurer.
The company has been on a push this year to increase profitability in its title business, after previously focusing on gaining market share.
First American employs roughly 30,000 people company-wide, including about 1,600 people at its sprawling Santa Ana campus.
“In light of rapidly changing economic conditions the company continues to evaluate its personnel needs, including its utilization of offshore resources,” First American said in a statement.
The company said it also expects to cut other perquisites and executive benefits in the third quarter, resulting in $16 million of savings.
