US lender SunTrust is set to cut up to 67 jobs at its mortgage division in Tampa, Florida, due to reduced troubled loans and refinancing applications.
The layoffs come after the bank recently revealed plans to cut around 800 jobs company-wide due to dwindling mortgage demand.
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SunTrust Bank spokesman Mike McCoy was quoted by Tampa Bay Times as saying that the affected employees have been dealing with independent mortgage brokers, a unit that is being eliminated under a restructuring of the mortgage operation.
Following the layoffs, which are effective from 31 December 2013, the bank will focus on lending directly to consumers through its retail branches.
SunTrust joins JPMorgan Chase, Wells Fargo, Bank of America (BofA) and Mortgage Investors, who recently cut jobs in their mortgage businesses.
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