SPOKANE-- Sterling Savings Bank laid off scores of employees around the Northwest this week.
The Spokane-based bank gave pink slips to 160 employees. Bank leaders said that is six percent of their workforce.
“Given the challenging interest rate environment and the uncertain economic outlook, Sterling must position itself for continued success, including lowering its operating expenses,” CEO of Sterling Financial Corporation Greg Seibly said. “Sterling has fewer assets today than it did just a few years ago and, although this has been a difficult decision, the bank needs to appropriately reflect that reality.”
The layoffs started on Wednesday and spanned across five states.
Managers cut positions at all levels to lower operating costs.
