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IndyMac stops new loans, will cut 3,400 jobs

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07 July 2008 @ 08:54 pm ET

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In this Jan. 2008 file photo, a man leaves an IndyMac Bank branch office in Burbank, Calif. IndyMac Bancorp Inc. has stopped accepting new loan submissions in its retail and wholesale forward mortgage lending channels and plans to slash 3,800 jobs, or more than half its work force.

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Employees will be given a minimum 30-day notice of termination with employees under the Federal WARN Act and similar state statutes receiving 60 days advance notice.

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