By Howard Koplowitz
Regions Bank is cutting 600 jobs after reviewing “overall economic factors,” the Birmingham-based bank confirmed Wednesday night to AL.com.
The layoffs represent about 3 percent of Regions’ 20,000-member workforce. About 70 percent of the job cuts impact positions outside the Birmingham metropolitan area, Regions said.
The bank’s mortgage division bore the brunt of the cuts. Regions cited the current higher-rate mortgage environment for a reduction in homeowners trying to refinance their mortgages and prospective homeowners from seeking loans.
“Our focus is to operate efficiently and effectively while providing the quality service our customers expect. We consistently review our business models based on market demand and overall economic factors,” said Regions spokesman Jeremy King.
The bank “remains committed to meeting the needs of all our customers through personalized services, as well as our enhanced digital tools,” King continued. “Our dedication to delivering customized financial advice, guidance and solutions simply will not change.”