Western Financial Bank, a unit of Westcorp, said it will slash 200 jobs from its mortgage banking department, or 55% of that department's work force.

The bank will also close 10 of its 14 mortgage banking offices. As a result, it will take a $3 million charge in the fourth quarter due to severance, lease terminations, and writeoff or dispositon of assets from the closed offices.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.