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WSFS laying off 89 Beneficial employees

Jeff Blumenthal
WSFS laying off 89 Beneficial employees

WSFS Bank is laying off almost 90 former Beneficial Bank employees three months after the $2.1 billion acquisition closed, according to WARN notices filed with state labor regulators.  According to information provided by WSFS and the Pennsylvania Department and Labor and Industry and the New Jersey Department of Labor and Workforce Development, the impacted employees are situated in four locations. The layoffs are set to take effect Aug. 30, a week after Wilmington-based WSFS (NASDAQ: WSFS) plans to rebrand Beneficial locations and convert them to its computer systems on Aug. 24.  WSFS provided a list of job titles of positions impacted by the layoffs to both states' regulators, but the Pennsylvania Department of Labor and Industry declined to include that information “as the department considers position-specific information confidential.”  The New Jersey Department of Labor and Workforce Development did provide information for the 14 employees impacted in the Garden State, which included mortgage underwriters and processors as well as employees working in quality control, the research desk and talent acquisition.