(Reuters) - "We have had to reduce staff to compete more effectively," Henschel said in an interview. "Market conditions and the subprime landscape have changed dramatically. We were saddened to let valued employees go, but the landscape has changed."
The layoffs were announced less than a week after FBR said it would sell an 80 percent stake in First NLC to private equity firm Sun Capital Partners Inc. First NLC is being recapitalized, with Sun Capital investing $60 million and FBR investing $15 million.
Read more at Reuters.com Mergers News
The layoffs were announced less than a week after FBR said it would sell an 80 percent stake in First NLC to private equity firm Sun Capital Partners Inc. First NLC is being recapitalized, with Sun Capital investing $60 million and FBR investing $15 million.
Read more at Reuters.com Mergers News
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