EQ Bank (EQB), a subsidiary of Equitable Group Inc, will cut approximately eight percent of its 2,000-member workforce (full time equivalent) as it restructures operations under its new leadership. The reduction is likely to result in $20 million in cost reductions before tax and charges.
In a statement, Chief Executive Chadwick Westlake said, “These decisive, yet difficult, decisions focus our efforts and improve productivity to drive positive operating leverage and an improved efficiency ratio as we capture the profitable opportunities ahead.”
Westlake, who previously served as CFO, was named to the role in July after the sudden passing of longtime CEO Andrew Moor. EQB said it expects to provide further details on its strategic restructuring, including final charges, when it reports its 2025 financial results on Dec. 3.
