Washington Mutual cutting more California jobs

“Washington Mutual Inc. is cutting 100 jobs at its administrative center in Stockton. Half of the employees who will lose their jobs work for Long Beach Mortgage Inc., a WaMu subsidiary based in Anaheim that specializes in subprime mortgages. The other 50 work in Seattle-based WaMu’s custodial operations department. The move reflects Seattle-based WaMu’s ongoing effort to streamline operations, and to pare down subprime-mortgage specialist Long Beach Mortgage as the market for those mortgages cools, according to WaMu spokeswoman Darcy Donahoe-Wilmot.”