Industry News

First Horizon plans to shed 1,500 jobs by early 2008

Mortgage banking division in the red this year
Published on Sep 13, 2007

First Horizon Home Loans will cut its mortgage sales force in half, reduce support staff, and close "underperforming" mortgage branches, its parent company said Wednesday, as part of a plan to eliminate at least 1,500 jobs companywide by early next year. In a press release, First Horizon National Corp. said it would shrink the real estate portfolios on its balance sheets by cutting originations, and cut back on back-office support staff as it throttles back consumer and construction lending production. Memphis, Tenn.-based First Horizon -- which announced in July that it would sell, close or consolidate First Horizon Bank branches in the Atlanta, Baltimore, Dallas and Northern Virginia markets -- employs 11,000 workers at FTN Financial, First Horizon and First Tennessee offices in more than 40 states. In the company's latest quarterly report to investors, First Horizon said it lost $27.4 million in mortgage banking during the first six months of the year, compared with...

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