Location: Toms River, NJ.
Department affected: Mortgage Operations.
Based on news reporting.
OceanFirst Bank Toms River has announced the layoff of 114 employees as part of a strategic move to outsource its mortgage operations. This decision reflects the bank's efforts to streamline its services and reduce costs in a competitive financial landscape. The layoffs are set to take effect on October 1, 2023, impacting the mortgage operations department significantly. The bank aims to enhance efficiency and focus on core banking services while managing operational challenges. This move comes amid broader trends in the banking industry, where many institutions are reevaluating their operational structures.
OceanFirst Bank Toms River cut 114 jobs affecting its Mortgage Operations team as of October 1, 2023.
That is roughly 28.5% of the 400 people OceanFirst Bank Toms River employs.
LayoffTalk has tracked 7 layoff events at OceanFirst Bank Toms River since October 2023, affecting a combined 556 employees.
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