AUSTIN, Texas (AP) -- Executives with OneWest Bank have announced that more than 700 workers will lose their jobs as the company is acquired as part of a $2.53 billion deal.
The 725 employees work at a call center and learned late last week that soon they'd be out of a job after the California-based company was bought by another financial group.
OneWest Bank is being acquired by Atlanta-based Ocwen Financial Corp., which announced last week that it's purchasing mortgage servicing rights from OneWest. It's the latest in a string of acquisitions by Ocwen of companies that collect payments on subprime mortgages.
A letter of notification to the Texas Workforce Commission indicates the layoffs are scheduled to begin Aug. 31. About 150 employees will be retained at the Austin facility, which serves as headquarters for OneWest's home loan business. The bank is based in Pasadena, Calif.
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