September 7, 2008
Hugh Miller's Delta layoff e-mail
Colleagues,
It is with sincere regret that I inform you that Delta and Fidelity will undergo further layoffs today. While it was our expectation that the reduction in force we experienced this past August would be sufficient to sustain our business through what is a global credit crisis, the recent and unexpected turmoil in the sub-prime and securitization sectors is having a further and significant adverse impact on our business.
Please understand that there are no viable alternatives to today's actions. We must take these drastic measures to respond to unexpected and drastic times. Today's cuts, which will impact nearly half of our employees, will also include closing four of our Fidelity origination centers. Managers will be reaching out to affected employees as soon as possible today.
For those of you remaining with the Company, please know that we are fully committed to managing the Company through this volatile business cycle and to preserve as many jobs as is possible.
To those of you leaving the Company today, thank you for all that you have done for Delta and Fidelity during your tenure with us. I wish each of you, and your families, a positive new beginning.
Hugh
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