What is becoming almost a daily occurence in Pittsburgh came to occur again on Friday, 10/26. A title company with national operations has decided to cease operations here in Pittsburgh, PA. Anyone familiar with the area knows that Pittsburgh was and still is home to some of the largest title and vendor management firms in the United States. Lenders Service Inc (LSI), ATM Corporation, Fidelity National Lender Solutions (which bought LSI), the now defunct Express Financial Services, General American Corporation (Now Fiserv), Nationwide Title and Appraisal, National Real Estate; all of these companies employed collectively over 10,000 employees at one point.
Most recently, a fortune 500 company that I choose not to mention, announced it's plans to cut 300 + jobs in Pittsburgh and move their operation to Minnesota.
Many leading firms as well that top the 500 employee mark have either made massive cutbacks and terminated employees, or have either decided to file for Bankruptcy or just completely cease operations.
Obviously, there are major factors causing these changes. Most of them are attributed to sub prime business and the lack thereof. Many are also due to mis-management of funds and lack of service levels.
Has your area also been affected by national companies ceasing operations or making huge changes?
Thanks!
Jason C. Sheppard
President and CEO
TruClose Financial Services, LLC
300 Mt. Lebanon Blvd. Suite 2215
Pittsburgh, PA 15234
Ph) 888-510-9665
FX) 412-344-2353
EM) jsheppard@besstitle.com
http://www.tcfstitle.com/
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