Pink slips will start arriving for Santander Bank’s employees working in the mortgage and home equity businesses following the bank’s announcement to stop originating such loans in the United States.

In Pennsylvania, the company announced 53 permanent layoffs with effective date on April 8, according to a Worker Adjustment Retraining Notification (WARN) sent to the state’s Department of Labor and Industry.

This appears to be just the beginning.

HousingWire has learned that the bank’s exit from the residential mortgage business in the U.S. will result in layoffs of more employees, which a source with knowledge of the decision said details ⇒

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