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Washington Federal ( (WAFD) ) has shared an announcement.
On January 16, 2025, WaFd announced significant changes including leadership transitions, a strategic shift away from originating single-family mortgages and home equity lines, and a restructuring charge of $5.4 million. The company plans to focus its efforts on business banking, commercial real estate lending, and small business advisory services, aiming to save approximately $17 million in expenses annually and reduce its workforce by 8% by June 2025. The decision is partly due to decreased profitability and increased risk in the mortgage sector, as well as regulatory challenges. WaFd Bank received a ‘Needs to Improve’ CRA compliance rating, which they plan to appeal, while maintaining strong credit quality and a robust capital position. The company reported a 23% decrease in net income for the quarter ended December 31, 2024, with earnings per share impacted by margin compression and restructuring costs.
More about Washington Federal
Washington Federal, Inc., commonly known as WaFd, operates in the banking industry through its subsidiary, WaFd Bank. The company primarily offers banking services with a focus on business banking and commercial real estate lending, having shifted away from single-family mortgage lending.
YTD Price Performance: -5.35%
Average Trading Volume: 475,585
Technical Sentiment Consensus Rating: Hold
Current Market Cap: $2.46B
See more insights into WAFD stock on TipRanks’ Stock Analysis page.
