{"id":4864,"date":"2023-05-06T00:34:12","date_gmt":"2023-05-06T04:34:12","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/republic-first-bancorp-cuts-jobs-in-preparation-to-exit-mortgage-business\/"},"modified":"2023-05-06T00:34:13","modified_gmt":"2023-05-06T04:34:13","slug":"republic-first-bancorp-cuts-jobs-in-preparation-to-exit-mortgage-business","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4864","title":{"rendered":"Republic First Bancorp cuts jobs in preparation to exit mortgage business"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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(Reuters) – Republic First <\/span><\/span> Bancorp (NASDAQ:) said on Friday it cut jobs in its commercial lending unit as the lender prepares to exit its mortgage origination business.<\/p>\n

The Philadelphia-based regional bank said high costs of running a mortgage origination platform were not allowing it to improve its profitability and sharpen focus on core businesses.<\/p>\n

The layoffs will affect employees of its lending and credit teams in New York, the bank said. <\/p>\n

Major U.S. lender Wells Fargo <\/span><\/span> (NYSE:) & Co also said in January it would slim down its mortgage business.<\/p>\n

Deposit balances at Republic First fell 2.7% in the first quarter, but grew between March 31 and April 30, the company reported earlier this week.<\/p>\n

Deposits at regional banks\u00a0have come under investor scrutiny after a crisis hit the banking sector, after two U.S. regional lenders collapsed in March. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. (Reuters) – Republic First Bancorp (NASDAQ:) said on Friday it cut jobs in its commercial lending unit as the lender prepares to exit its mortgage origination business. The Philadelphia-based regional bank said high costs of running a mortgage origination platform were not allowing it to improve its profitability and sharpen focus on core […]<\/p>\n","protected":false},"author":1,"featured_media":4865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-4864","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nRepublic First Bancorp cuts jobs in preparation to exit mortgage business | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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