Report: 1,500 layoffs at First Horizon

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The hits just keep on coming; this one comes from Housing Wire via commenter Cal: ‘American Banker is reporting today that First Horizon will lay off 1,500 employees — 50% of its workforce — amid a continuing downturn in the mortgage markets. Company CEO Gerald Baker disclosed the plan during a speech yesterday, and said the financial services provider will also close 50 offices as part of its move.’

More: Baker ‘cited projections by the Mortgage Bankers Assn. that originations could decline 25% over the next two years. ‘We think it’s important to get in front of that, because we think … [the decline in originations] might be greater than that,’ he said.

Hat tip: Cal
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