Banking giant to slash 260 mortgage jobs

by Ryan Smith17 May 2018

One of the nation’s largest banks will be handing about 260 mortgage professionals their walking papers in July.

U.S. Bank – the nation's fifth-largest bank, with $462 billion in assets – will eliminate the jobs starting in July as it closes a mortgage and consumer banking office in Bedford, Ohio. The bank announced the job cuts in a notice to the state of Ohio, according to a report by Cleveland.com. State law requires 60 days’ notice of major job cuts.

U.S. Bank spokesperson Molly Snyder told Cleveland.com that the decision was real estate-based.

“After a strategic review of our real estate footprint, we have made the decision to close the U.S. Bank satellite office in Bedford, Ohio, when its lease expires this fall,” she said. Snyder said that once the office is closed, the work done there will be taken on by other U.S. Bank offices. She did not respond to a question about whether the bank’s mortgage business had declined, according to Cleveland.com.

“This action is expected to be permanent,” she said. “We offer a comprehensive severance and job-placement program to help affected employees successfully transition to new careers.

Affected employees will have the opportunity to apply for open U.S. Bank positions nationwide, Cleveland.com reported.

 

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