SOUTHLAND : Mercury S&L; to Cut Staff 10%
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Troubled Huntington Beach-based Mercury Savings and Loan Assn., hit last month with severe operating restrictions, said today it has cut its staff by 10%, producing layoffs of about 70 people.
Mercury, which lost $13.8 million in 1988 and $5.4 million in the first nine months of last year, said most of the staff cuts were in lending operations. Federal regulators on Jan. 19 ordered the firm to halt all lending and investment activities.
The thrift said the cuts also included staff members from other areas and several executives, including Ronald Hansen, its chief financial officer since 1983.
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