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WaMu Shake-Up Puts Focus on Cross-Sales and Operations.
Two top mortgage executives of Washington Mutual are out of work after the lending giant decided to realign the way it conducts business.
Departing WaMu is Craig Davis, president of the thrift's home loans and insurance division, and Eric Spence, executive vice president of residential production.
WaMu named Deanna Oppenheimer as president of the company's banking and financial services group, and she will oversee the residential mortgage area.
In a statement released by the company, Ms. Oppenheimer said that WaMu's new management team "will be focused on accelerating household growth and cross-sales, driving operational excellence and taking advantage of the natural synergies that exist in the two complementary businesses."
Officially, Mr. Davis, 52, retired on Sept. 30, the day WaMu announced the realignment of its business units into two main areas - retail customers and commercial clients. Mr. Spence departed about a week earlier.
A company spokesman said Mr. Spence left "to pursue other opportunities."
The sudden retirement of Mr. Davis comes about three weeks after the company disclosed that it would book a loss in the third quarter in regard to mortgage loan sales because of problems in tracking loan commitments.
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