Contifinancial Corp. on Monday became the latest specialty lender to announce layoffs, losses, and a shift in business strategy.

In its quarterly earnings report, Conti said it would have to let go of 446 employees, or 12% of its work force. The New York company took $165.1 million in charges against earnings, mostly the result of losses in its commercial real estate business.

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.