Equifirst Cuts More Jobs in Charlotte, Files Bankruptcy Soon?
Equifirst cuts more jobs in Charlotte as the #12 subprime lending is feeling the effects of the subprime mortgage crisis. Barclays Bank PLC purchased Equifirst for $76 million in April of 2007. The price was 33 percent below the originally annouced amount because of economic turmoil. The writing was on the wall for this company and it is a mystery why Barclay’s went through with this purchase. There are many more job cuts to come from these subprime lenders.
Ultimately, most of these subprime lenders would have filed bankruptcy if they had not been bought out by the big banks. There is a strong inclination that this unit of Barclays will file bankruptcy in the very near future as the subprime lending business is dead.