Fremont gives notice to all 2,400 employees in its subprime group

“Fremont General Corp. said Monday that it has notified all 2,400 employees in its sub-prime lending unit that they may lose their jobs by May 18. The Santa Monica-based lender did not specify how many of the 2,400 jobs would be eliminated, saying only that “many” employees have been put on paid leave. The embattled lender has been shopping the troubled unit but said it plans to exit the business whether it finds a buyer or not. ‘The company continues to aggressively pursue its options with respect to its business,’ Fremont said Monday in a statement. ‘Given the uncertainty of this situation and its impact on employment, the company has given notice of termination to these employees on leave’. “