Title Insurer LandAmerica Slashes 1,100 Jobs
Declining mortgage volume has pressured LandAmerica Financial Group Inc. [ticker: LFG] to fire 1,100 employees. The Glen Allen, Va.-based title insurer laid off 700 employees in the first half of the year.LandAmerica expects resulting severance payments to reduce third- and fourth-quarter pre-tax earnings.Separately, the company's board approved a buyback of 1.5 million shares, about 9% of its outstanding stock, by the end of March 2009.LandAmerica
has a market capitalization of $870 million. It operated through about 1,000 offices and a network of 10,000 independent agents as of yearend 2006.
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