NEW YORK/LONDON Feb 17 Barclays Plc (BARC.L)
has shut its U.S. mortgage origination business EquiFirst less
than two years after buying the business, the British bank said
The bank said it was shutting EquiFirst due to tough market
conditions, but said it remained committed to its other mortgage
businesses in the United States.
Barclays bought the subprime lender in March 2007 for $76
million, about two-third less than its original offer for the
business after the U.S. housing crisis erupted. In August that
year it cut jobs due to the U.S. housing slump and it has
slimmed further since.
(Reporting by Steve Slater, editing by Will Waterman)