New Jersey

South Jersey Company Plans to Cut 2,250 Jobs

Mortgage lender PHH Corp. said it will cut its employee headcount by 64 percent by the second half of 2018.

In a supplement to its second quarter earnings report, the Mount Laurel, New Jersey-based company said to expect PHH to have a headcount of 1,250 by the end of 2018, down from 3,500 at the end of 2016. PHH said it has reduced 650 full-time positions “and we expect the pace of head-count reductions to accelerate over the next four quarters,” CEO Robert Crowl said during a Wednesday conference call with investors.

Crowl said the company notified each employee about their status in PHH 2.0, the product of an almost year-long review of its strategic options that resulted in plans to operate a much smaller, focused mortgage company. The job cuts are part of that rightsizing.

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