Layoffs coming to Alabama-based Regions Bank

Rickey Stokes

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Posted by: RStokes
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Date: Feb 01 2024 3:22 PM

BIRMINGHAM (WSFA) - Alabama-based Regions Bank confirmed Thursday that it will soon layoff some employees across certain divisions of the company.

“Our focus is to operate efficiently and effectively while providing the quality service our customers expect,” said Jennifer Elmore, a Regions Bank spokeswoman. “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.”

Elmore said the positions that will be reduced include some in Regions’ mortgage division, “where the higher-rate environment means fewer people are refinancing or applying for new home loans.”

Elmore said layoffs will “amount to less than 3% of Regions’ total workforce,” which stands at approximately 20,000 people. That would mean around 600 Regions employees face potential job loss.Elmore said the positions that will reduced are spread across the bank’s multi-state footprint rather as part of a concentration in one particular area. She added that approximately 70% of the eliminated positions will be outside of the Birmingham metro area.

Regions Bank, which is headquartered in Birmingham, is listed on the S&P 500 Index, is one of the nation’s largest full-service providers of consumer and commercial banking. It has bank branches in 15 states.

“We are deeply thankful for our colleagues’ contributions and encourage impacted associates to apply for other open positions for which they may qualify,” Elmore added, pointing to the bank’s job openings website with positions across the bank’s divisions.

“Regions remains committed to meeting the needs of all our customers through personalized services, as well as our enhanced digital tools,” Elmore said. “Our dedication to delivering customized financial advice, guidance and solutions simply will not change.”