Randolph Bancorp in Stoughton, Mass., is planning to cut about more than a dozen mortgage-related jobs by the end of this year.
The $505 million-asset company said in a press release Thursday that the cuts involve about 8% of its employees. Based on headcount at Sept. 30, Randolph is set to eliminate 16 positions.
The reductions are “intended to better align staffing levels with the current volume of residential mortgage loan originations,” the release said.
Randolph said it will record a $600,000 charge in the fourth quarter tied to severance benefits. The cuts will save the company about $1.1 million a year.
