Redondo Beach, California-based Civic Financial Services, a subsidiary of Beverly Hills, California-based PacWest Bancorp and an institutional private money lender specializing in the financing of non-owner occupied investment properties, has announced a restructuring and cost-cutting initiative.
According to an SEC filing, the restructuring will impact 200 employees.
According to the filing, "Last month, the Company announced it recorded a goodwill impairment of $29 million as part of a strategy to restructure Civic to improve its profitability and risk profile. This restructuring involves reducing the number of loan products offered, reducing loan growth compared to 2022 levels, and transferring the management of most Civic functions to Company executives. In addition, the Company anticipates that approximately 200 Civic positions will be eliminated, effective in the second quarter of 2023. This restructuring aligns with the Company's strategy to focus on relationship-based community banking and to improve capital, liquidity, and operational efficiency"
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?