Dive Brief:
- Fifth Third Bank plans to hire 950 people in its home market of Cincinnati, as well as in Chicago and Michigan, the bank said in a press release Monday.
- The headcount boost breaks down to about 500 positions to join the bank’s retail division, 350 in mortgage sales and support, and 100 in operations, the bank said.
- Fifth Third isn't the only bank to bolster hiring during the coronavirus pandemic. Bank of America hired 2,000 people last month and planned to shift more than 3,000 employees to new roles in its consumer and small-business divisions, according to a memo seen by Bloomberg.
Dive Insight:
The bank’s 950-employee swell is meant to handle increased demand for loan modifications, forbearance requests and customer relief, American Banker reported. Some of the positions are existing jobs that have yet to be filled. Fifth Third did not detail how many are new.
"Our Fifth Third customers and communities need us more than ever during these uncertain times, and we will continue to be here for them," Greg Carmichael, the bank’s chairman, president and CEO, said in Monday’s release. "We are looking to grow our team of professionals to serve these needs and to help provide critical employment opportunities so our communities can get back to work again."
The bank announced several concessions in the past month aimed toward customers affected by the coronavirus outbreak, including 90-day payment forbearance for mortgages and home equity loans, 60-day suspension of all foreclosure activity on homes, and consumer credit card payment waivers for up to 90 days with no late fees.
The bank also extended perks, including $1,000 hardship bonuses to certain on-site employees hired by May 10.
Fifth Third began accepting applications Monday for the Small Business Administration’s Paycheck Protection Program (PPP). The bank is prioritizing its existing customers who have online banking profiles and accounts. It will accept applications from noncustomers this month, Fifth Third said on its website.
