Santander Bank is planning on exiting the residential mortgage and home equity origination space in the United States and lay off 53 employees in Conshohocken in the process, writes Jeff Blumenthal for the Philadelphia Business Journal.

“We will discontinue residential mortgage and home equity originations as we continue to focus on investing in products that have the scale and that leverage our core strengths,” said the company spokeswoman. “This move will allow us to unlock capital to fuel our growth and help Santander U.S. continue to deliver attractive sustainable returns.”

The overall cuts for the Spanish banking giant Santander Group will involve nearly 400 employees. This is about 4.5 percent of its approximately 8,700 employees.

According to a letter submitted to the Pennsylvania Department of Labor and Industry, workers were notified on February 2. They have been placed on paid notice period until their termination becomes effective on April 8, when they will receive severance.

Michael Pagano, head of employee relations at Santander, said that the employees who will be affected by the layoffs can still apply for existing vacancies within the company.

Read more about Santander Bank and the future plans to lay off 53 employees in Conshohocken in the Philadelphia Business Journal.