Another Massive Bank is Now Laying Off 600 Employees

February 2, 2024

Another massive bank is now laying off 600 employees based on market demand and overall economic factors, the company said.

Regions Bank is reducing its number of workers by less than 3% of its total workforce of about 20,000 associates.

In an official statement, Regions said, “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.

This means a limited number of position reductions in certain divisions, including in our mortgage division, where the higher-rate environment means fewer people are refinancing or applying for new home loans.”

Jeremy King, Senior V.P., Media and Public Relations Manager, also stated the position reductions are not concentrated in one area, and about 70% of those impacted positions are outside of the Birmingham area.

It was also noted that others in the banking industry are also making headcount reductions, and Regions said its reductions are not as large as other banks.

But Regions isn’t the only bank cutting jobs.

Deutsche Bank said on Thursday it would cut 3,500 jobs, buy back shares and pay dividends, in its latest pitch to investors that its turnaround remains on track.

The news came as Germany’s biggest bank, seeking to put years of turmoil behind it and focus on steadier retail banking, reported a 30% drop in fourth-quarter profit that still beat analyst expectations.

The bank had already announced plans to cut jobs, but this was the first time it had put a number on the layoffs, equivalent to just under 4% of its global workforce of about 90,000.

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Also Read: A Massive US Bank is Now Closing Credit Cards

Other Layoff News Today

An essential retailer is now laying off 145 employees, mostly in its corporate workforce, a spokesperson confirmed.

In November, Walgreens laid off 5% of its corporate workforce, capping off a year of hundreds of announced store closures, a previous round of layoffs and turnover in the C-suite.

The latter included the departure of its CEO, CFO, CIO, chief medical officer and chief marketing officer, RetailDive reports.

In June, the retailer said it would close 150 stores in the U.S. and 300 in the U.K., part of a cost-cutting effort that targets at least $800 million in savings in 2024, for an accumulation of $4.1 billion in savings.

The company has a ways to go in that plan, however.

“While Walgreens continues to progress on reducing costs and delivering on our commitments to be the independent healthcare provider of choice, we still have significant cost savings and growth goals to deliver,” the spokesperson said.

“To help us achieve these goals we have made the difficult but necessary decision to lay off 145 team members primarily from our corporate workforce.”

Last month the retailer slashed its dividend as it reported a fiscal Q1 dragged down by its U.S. stores, where sales fell 6.1%, and comparable retail sales fell 5%.

At the company’s U.K. Boots locations, by contrast, retail comps rose 9.8% year over year, store footfall rose 7% and its retail market share grew for the 11th straight quarter, led by beauty.

Walgreens has also announced that the Duane Reade location in Midtown Manhattan, New York, will shutter in weeks.

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Also Read: Three Massive Restaurant Chains Now Begin Closing Locations

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