This N.J. banking success story is proof that customers crave service in difficult times
After the pandemic forced the big banks to expand their payrolls and expand their digital banking and customer support offerings, they returned to what they know: to wield the ax. This year, six top US banks announced layoffs and branch closings as part of aggressive cost-cutting measures. Wells Fargo announced, for example, that it is laying off a quarter of its workforce in an attempt to cut expenses of up to $ 10 billion in the coming years. The opposite is the case at New Jersey's 88 state-chartered community banks, where many are thriving thanks to an explosion in home mortgage refinancing and the profits generated by running the paycheck protection program. "This gave us a great opportunity to reconnect with our customers and help them with this pandemic mayhem," said Jane E. Allerman-Rey, president of Spencer Savings Bank, which has 20 branches in northern New Jersey and over $ 3 billion has in assets. “It was a great opportunity to attract new businesses. "...