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Thrift getting cash infusion, cutting workers

Having lost billions from the credit crunch, the nation's largest savings and loan is getting a cash infusion.

A group led by private equity firm TPG is investing $7 billion in Seattle's Washington Mutual, which has been hit hard by rising delinquencies and defaults among mortgages.

It is getting out of the wholesale lending business, closing its stand-alone home loan centers and laying off 3,000 workers.

The bank expects to lose $1.1 billion in the first quarter and will take a provision for loan losses of $3.5 billion.

Washington Mutual will cut its quarterly dividend to 1 cent from 15 cents. The dividend reduction is likely to save the company about $490 million in cash a year.

Washington Mutual has been struggling in recent quarters with the fallout from a weakening mortgage market, especially among subprime mortgages - loans given to customers with poor credit history.

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