OAK RIDGE, Tenn. – ORNL FCU announced it let go 19 employees Monday as a cost-cutting move.
Officials with the $1.3-billion credit union said this was an economic decision and employees were offered severance and resources to help find other work.
The jobs eliminated were mostly corporate level jobs and no branches will be closed, the credit union said.
ORNL reported a $1.4 million net for the first six months of the year and a $10.6 million net for 2010.
Berkshire Hathaway's banking-related investment strategy is murky, after the arrival of new leadership and the sale of its stakes in Visa and Mastercard.
Amerant Bancorp in Coral Gables, Florida, appointed Carlos Iafigliola its permanent president and CEO; Morton Community Bank in Illinois reached a deal to buy a three-branch franchise in the Land of Lincoln; Bank First in Manitowoc, Wisconsin, agreed to acquire PSB Holdings; and more in this week's banking news roundup.
President Donald Trump administered Federal Reserve Chair Kevin Warsh's oath of office in a ceremony Friday morning. Warsh is expected to pursue changes at the central bank, including a push to reduce its $6.7 billion balance sheet.
Federal Reserve Gov. Christopher Waller said in a speech Friday that he favors holding interest rates steady until energy prices fall, but noted that the central bank should be ready to hike rates if inflation gets too far out of hand.
Cetin Duransoy said every employee at his company is now using AI in some way.
Many banks are missing revenue and cost-cutting opportunities—and potentially disenfranchising customers by not offering relevant app details.
