People's Bank, Bridgeport, Conn., began an overhaul of its mortgage lending and bank operations late last year, but it is studiously avoiding the term "reengineering."
"Many corporations have masked a desire to cover for 'layoffs' by using the word 'reengineering,'" said Thomas E. Hylinski, senior vice president.
He said that's why the bank calls its in-depth look at how it originates home loans a "redesign."
"There will be no staff cuts," he said.
He said a consulting firm has already concluded a three-month analysis of the bank's home loan origination process. He expects the "redesign" of the bank's lending operation to be completed by yearend.
