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Article Excerpt
John Robbins, the chairman and chief executive of San Diego-based AmNet Mortgage Inc., touts the pending sale of the company to mega-bank Wachovia Corp. as a positive, but said the deal would cause a "modest amount" of job cuts.
"The vast majority of our employees will see substantial benefits from this," Robbins said. "However, there will be some downsizing that will occur, but it will be a modest amount."
Robbins declined to say where the cuts would occur, citing securities regulations covering the release of information and a still-unreleased proxy statement for the $83 million cash sale to the Charlotte, N.C.-based mega-bank that's expected to close in the fourth quarter.
AmNet, a wholesale mortgage lender that works mainly with mortgage brokers, has 967 employees, including 246...
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