Title insurer Fidelity National Financial Inc. (FNF) announced that, through the end of January, it laid off approximately 1,500 of the 5,500 employees it inherited through the acquisition of three units of LandAmerica Financial Group Inc.
The acquisition of Commonwealth Land Title, Lawyers Title and United Capital Title closed on Dec. 22, 2008, and FNF Chairman William P. Foley II said through the first month of ownership, Jacksonville, Fla.-based FNF has reduced the existing workforce of those units by 27 percent and closed about 125 offices.
"We will continue to evaluate the cost structure of the acquired underwriters in the first quarter, but we believe the largest costs have been taken out in the first month of ownership," Mr. Foley said in a statement.
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