Image courtesy of HarborOne Bank.

Thanks to slowing foot traffic at its branches, Brockton-based HarborOne Bank is laying off 43 staffers as it “re-aligns” its branch strategy.

Staff levels across most of its 25 branches in Massachusetts and Rhode Island are being reduced, the $4 billion-asset mutual bank said in an announcement.

“Nothing is more important to us than the people who have made HarborOne so successful, and no reduction in staff is ever made lightly,” bank President Joseph Casey said in a statement. “HarborOne’s financial health is strong and we continue to grow; our Q2’20 earnings were the best we’ve had in the last 15 years, and our capital level is among the highest of any bank in Massachusetts. The dynamics of our retail business are changing, and we will evolve our delivery model to ensure that we can meet the current and future needs of customers.”

At the same time, the bank said it is preparing to open new branches in downtown Quincy and in South Boston later this year, the bank’s third and fourth new locations in the last two years and its second in Boston.

“The brick-and-mortar branch continues to be a critical component of our long-term growth strategy, and as we have expanded across Rhode Island and into Boston, we’ve been careful to select areas where we see growth and opportunity,” CEO James Blake said in a statement. “As consumer adoption for online and mobile banking continues to grow, our branch teams will be re-aligned with the expansion of the relationship banker and universal banker roles that were successfully launched last year in our Stoughton and Boston branches. This enhanced delivery model positions our branch teams as customer advisors serving more complex sales and service needs, as our digital delivery tools drive more convenience for customers’ everyday banking.”

HarborOne Lays Off 43 as Branch Traffic Slows

by Banker & Tradesman time to read: 1 min
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