Layoffs at Ohio Savings Bank - KPTV - FOX 12

Layoffs at Ohio Savings Bank

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CLEVELAND, OH (WOIO) -

Pink slips were handed out Friday at Ohio Savings Bank.

A total of 65 employees were told they no longer had a job.

That includes 55 people from the downtown Cleveland office at 1801 East 9th Street.

The below statement is from a bank spokesman:

"The continued national downturn in residential mortgage lending activity has affected us. Due to the rapid and significant jump in interest rates that has occurred this year we have seen a reduction in applications and refinancing activity across the board, therefore -NYCB evaluated its business needs moving forward and has decided upon the need for staff reductions within the Bank's residential mortgage business. Starting today, we assigned an HR team to coordinate with the impacted employees."

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