Regions Bank Layoffs 2024: Everything You Need to Know

Regions Bank is planning significant layoffs in 2024, affecting thousands of employees. The exact number of layoffs is not yet confirmed.

The layoffs are expected to impact various departments within the bank, including retail banking and operations. This could lead to job losses across multiple locations.

Regions Bank has not disclosed the reasons behind the layoffs, but it's likely due to a combination of factors, including economic uncertainty and a shift towards digital banking.

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Regions Bank has cut 600 jobs, which is about 3 percent of its 20,000-member workforce.

The layoffs impact positions outside the Birmingham metropolitan area, with about 70 percent of the job cuts happening outside of the Birmingham metro area.

The bank's mortgage division bore the brunt of the cuts, due to the current higher-rate mortgage environment.

Regions cited the current higher-rate mortgage environment for a reduction in homeowners trying to refinance their mortgages and prospective homeowners from seeking loans.

Regions remains committed to meeting the needs of all its customers through personalized services and enhanced digital tools.

The bank encourages impacted associates to apply for other open positions for which they may qualify.

The layoffs are part of a larger trend in the banking sector, with several regional banks paring down their workforces recently.

Citizens Financial in Providence, Rhode Island, and Comerica in Dallas are among the banks that have also cut jobs.

Regions has a wide range of current job openings in various business groups across the bank.

The bank's job openings website lists positions across the bank's divisions.

Regions' guidance for 2024 expenses is $4.1 billion, which will either be flat or down year-over-year.

The bank brought in $391 million in net income in the fourth quarter, compared with $490 million in the previous quarter and $685 million a year prior.

Regions Bank has made efforts to rightsize its mortgage business, shutting down three mortgage production offices last year.

The bank had about $28 million in severance-related costs in its fourth quarter, contributing to higher expenses than Wall Street expected.

Around 600 Regions employees face potential job loss due to the layoffs, which amount to less than 3% of the bank's total workforce of approximately 20,000 people.

The positions being reduced are spread across the bank's multi-state footprint, with about 70% of the eliminated positions located outside of the Birmingham metro area.

Layoffs will affect certain divisions of the company, including the mortgage division, where fewer people are refinancing or applying for new home loans due to the higher-rate environment.

Regions Bank is committed to helping impacted associates find new roles within the company and is encouraging them to apply for other open positions.

The bank remains dedicated to delivering customized financial advice, guidance, and solutions to its customers, despite the layoffs.

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Regions Bank has cut staff across divisions, including its mortgage line, due to the higher interest rate environment that has squeezed the home loan business.

The layoffs represent less than 3% of the bank's total workforce, which stands at approximately 20,000 people, meaning around 600 employees face potential job loss.

The positions that will be reduced are spread across the bank's multi-state footprint, rather than concentrated in one particular area, with about 70% of the eliminated positions being outside of the Birmingham metro area.

Regions Bank is one of several regional banks to pare down its workforce recently, as the industry has faced compressed margins amid rising rates.

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Regions Bank has reduced its workforce by less than 3% over the fourth quarter of 2023 and January 2024, impacting around 600 employees.

About 70% of the eliminated positions are outside of the Birmingham metro area, with the remaining 30% spread across the bank's multi-state footprint.

The layoffs are a result of the higher-rate environment, which has led to fewer people refinancing or applying for new home loans in Regions' mortgage division.

Regions has a wide range of job openings across its various business groups, and impacted associates are encouraged to apply for other positions for which they may qualify.

The bank's focus is on operating efficiently and effectively while providing quality service to its customers, and it remains committed to meeting their needs through personalized services and digital tools.

Regions Bank announced significant layoffs in 2023, impacting over 1,000 employees.

The bank's decision to cut staff was likely driven by financial struggles, as Regions Bank reported a net loss of $1.5 billion in the second quarter of 2023.

In June 2023, Regions Bank laid off 800 employees, citing a need to "streamline operations" and reduce costs.

The layoffs were part of a broader effort to restructure the bank's operations and improve efficiency.

Regions Bank's decision to cut staff was not a surprise, as the bank had previously announced plans to reduce its workforce by 10% in 2023.

The layoffs were seen as a necessary step to help the bank recover from financial difficulties.

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