Fifth Third Hires 950 Employees Amid Rising Lending, Mortgage Demand

Dive brief:

  • Fifth Third Bank plans to hire 950 people in its home market of Cincinnati, as well as Chicago and Michigan, the bank said in a press release monday.
  • The staff increase breaks down to around 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 boosting hiring during the coronavirus pandemic. Bank of America hired 2,000 people last month and planned to transfer more than 3,000 employees to new roles in its consumer and small business divisions, according to a memo seen by Bloomberg.

Dive overview:

The increase of 950 bank employees is intended to handle the increased demand for loan modifications, forbearance requests and customer relief, The American banker reported. Some of the positions are existing jobs that have not yet been filled. Fifth Third did not say how many are new.

“Our customers and fifth-third communities need us more than ever in these uncertain times, and we will continue to be there for them,” Greg Carmichael, chief executive officer of the bank, said in a statement Monday. “We are looking to grow our team of professionals to meet these needs and to help provide essential employment opportunities so our communities can get back to work.”

The bank announced several concessions for customers affected by the coronavirus outbreak over the past month, including a 90-day forbearance on mortgages and home equity loans, a 60-day suspension of all business from foreclosure and consumer credit card payment waivers for up to 90 days with no late fees.

The bank has also extended benefits, including hardship bonuses of $ 1,000 to certain on-site employees hired before May 10.

Fifth Third began accepting applications Monday for the Small Business Administration’s Paycheck Protection Program (PPP). The bank gives priority to its existing customers who have online bank profiles and accounts. It will be accepting applications from non-clients this month, Fifth Third said on his site.

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