Fifth Third to Appoint 1,000 Employees Amid Coronavirus Crisis

Amid coronavirus crisis, Fifth Third Bancorp FITB is on a hiring spree to cater to the demand of increased Small Business Administration-backed loans followed by the $2-trillion federal Coronavirus Aid, Relief and Economic Security (CARES) Act, passed this March. Notably, this package would dedicate $350 billion worth small business loans.

Cincinnati, OH-based Fifth Third plans to appoint nearly 1,000 employees in retail banking centers, mortgage and operations in branches all over, including higher numbers in the bank’s headquarters. The roles will "provide essential banking services to customers and offer new career opportunities for those searching for employment during economic hardship."

"Our Fifth Third customers and communities need us more than ever during these uncertain times, and we will continue to be here for them," said Greg D. Carmichael, chairman, president and CEO of Fifth Third. "I’m proud of the extraordinary service our employees are providing each day. We are looking to grow our team of professionals to serve these needs and to help provide critical employment opportunities so our communities can get back to work again," noted the CEO.

The roles offered include 500 positions in retail, 350 mortgage sales and support positions, along with 100 positions in operations. Fifth Third is also providing attractive benefits package to retain the workforce.

Notably, banks are transitioning employees to work remotely in a bid to contain the spread of COVID-19. Fifth Third is also catering protective measures for both employees and customers, and offering enhanced digital operations, including online or mobile banking, along with fee-free ATMs.

"We continue to take good care of our employees so they can continue to take good care of our customers," Carmichael said. "Now more than ever, our customers are counting on us to provide them with the financial expertise and essential banking services necessary to navigate uncertainty," he further added.

Currently, Fifth Third carries a Zacks Rank #4 (Sell).

Shares of this banking giant have recorded a year-to-date decline of 49.6% compared with the 45% decrease recorded by the industry.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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