* HomeFed Bank said it is cutting...
- Share via
* HomeFed Bank said it is cutting 104 more jobs from its payroll over the next 60 days, bringing total reductions over the last month to 287 jobs, or 6% of the savings and loan’s total.
The San Diego-based S&L; also said that more layoffs could be in store at the end of this month, after department heads at the S&L; file plans to further reduce costs.
HomeFed has made the layoffs in response to a $108-million second-quarter loss and to counteract continued deterioration in its loan portfolio over the past four months.
Those being terminated are “corporate administrative” employees who work in four areas: retail banking, information services, real estate services and bank operations, a spokeswoman said.
The employees are getting 60 days’ notice, two weeks of base severance pay plus an additional week of severance pay for each year worked at HomeFed, a spokeswoman said.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
