TotalBank confirms 58 layoffs

TotalBank confirmed that it has laid off 58 employees.

Sources inside and outside the bank told the Miami Herald on Tuesday that as many as 100 workers had been fired. Miami-based ToalBank, which is owned by Grupo Banco Popular Español, of Spain, declined to confirm or deny that number at the time.

58Number of layoffs confirmed at TotalBank

But late Wednesday afternoon, the bank’s chairman Jorge Rossell released the following statement: “TotalBank has completed a process of investments and improvements in technology and infrastructure, and as a result has adjusted its operating and commercial functions reducing staffing levels by 58. The ongoing intent of its parent company, Banco Popular Español, is to keep supporting the growth of TotalBank throughout the state of Florida, as its investment in the United States is a long-term strategy. To this end we have analyzed and will continue to analyze all options and strategies that permit continued diversification and growth throughout the state that add client and shareholder value.”

Last year, the bank moved into new headquarters at the Miami Tower where its name now soars in neon colors. One former employee said the move was delayed and ran over budget. The costs could have contributed to the layoffs, the employee said.