Sterling Savings Bank lays off 6% of workers – Portland Business Journal

Sterling Financial Corp. has laid off 6 percent of its workers, or 160 people, the bank announced in a filing Friday with the U.S. Securities and Exchange Commission    .

The layoffs will save the bank around $15 million in annual payroll. The bank is not releasing information about the number of layoffs in specific markets. The bank’s footprint stretches from the Puget Sound area south to the Bay Area and east to Montana.

“Given the challenging interest rate environment and the uncertain economic outlook, Sterling must position itself for continued success, including lowering its operating expenses,” CEO Greg Seibly said in the filing.

via Sterling Savings Bank lays off 6% of workers – Portland Business Journal.