JACKSONVILLE, Fla. — TIAA Bank's plan to realign its residential home lending business is expected to result in over 100 jobs lost in Jacksonville, according to a spokesperson.
"We expect there will be approximately 132 positions eliminated in Jacksonville," a spokesperson told First Coast News.
The spokesperson said the bank reached an agreement with U.S. Bank that would allow U.S. Bank to offer jobs to a number of TIAA Bank staff across the country.
"Employees impacted by job eliminations are encouraged to apply for other open positions with our company," the spokesperson said.
The job cuts are a result of the company's decision to transition out of the retail branch home lending business and instead concentrate on originating home mortgage loans directly.
The spokesperson said that despite the change, TIAA and TIAA Banks will remain dedicated to keeping and growing its Jacksonville headquarters.