About 10 days after denying that any major job cuts were afoot, First Horizon National Corp., Memphis, has confirmed that it will eliminate 1,500 mortgage positions and shut 50 offices.The company did not issue a news release on PR Newswire, but the reductions were reported early Wednesday by American Banker, a sister publication to National Mortgage News. The job cuts were revealed by First Horizon chief executive Gerald Baker at a Lehman Brothers conference. On Aug. 31, John Daniels, the head of human resources for First Horizon, told NMN that there "are no massive layoffs" coming, adding that the mortgage lender was still hiring.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
6h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
7h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18