BankAtlantic Bancorp said Tuesday that it would fire 185 people, or about 17% of its employees, to cut costs.

The company also said it would exit the mortgage servicing business, possibly spin off its real estate finance operation, cease production in indirect auto lending, and close three of its 70 branches.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.