First Horizon National To Cut 1,500 Mortgage Jobs, Reduce Real Estate Exposure

(RTTNews) - Wednesday, after the closing bell, First Horizon National Corp. (FHN | charts | news | PowerRating), revealed strategic changes in the company's mortgage, national real estate and banking business. The company said that it intends to cut up to 50% of its mortgage sales force, reduce support staff and close under-performing mortgage branches as a part of the company's efforts to redeploy capital to higher-return businesses and reduce its real estate exposure. The company noted that at least 1,500 jobs will be eliminated company-wide by early 2008 as the changes are implemented.

The company intends to transition the national cross-sales of deposit products to an Internet-based model and thereby eliminate the need for banking specialists in mortgage offices.

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