Santander Bank LLC will lay off more than 50 employees by the first week of April.

The Spain-based global banking group with over 145 million customers in the US makes such a move amid the rise in interest rates.

The company informed Philadelphia state officials that the layoff will come into effect by April 8 with around 53 employees losing their jobs. The redundancies are expected to be permanent.

The notice was filed in accordance with the Worker Adjustment and Retraining Act (WARN) and filed with the Philadelphia Department of Labor and Industry.

READ MORE: ZILLOW TO LAY OFF MORE EMPLOYEES IN TAMPA AS HOME-BUYING PROGRAM ENDS

By US law, companies have to report substantive layoffs.

Santander’s closure of the mortgage origination business was reported as one of the reasons behind the move.

The move comes at a time when the once vibrant refinance market is getting trampled due to the rise in mortgage rates.

Several companies have reported job cuts earlier as the interest rates leaped.

The online real estate marketplace company Zillow Group Inc. is one among many to lay off workers, reporting the addition of 50 job cuts by April.

Santander is the subsidiary of a Spanish multinational financial services company, Banco Santander, which is based in Madrid and Santander.

Source: MPA

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