Industry News

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

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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...