Restructuring at Integra Financial to cut 150 jobs, consolidate banking units.

A major restructuring at Integra Financial Corp. will result in the elimination of 150 jobs, or nearly 3% of the bank's 5,200 full-time staff, according to president and chief operating officer Leonard Carroll.

The shakeup at the $13 billionasset banking company, announced Friday, is an effort to push decision making down the company,s organizational structure, said to chairman and chief executive officer William Roemer.

The Pittsburgh-based bank said it will run each of its major business lines -- banking, mortgages, consumer finance and investment services -- as if they were separate companies.

Each company will have its own president who will make all major decisions, including whether or not to acquire related businesses.

Integra also said it intends to take the back-office operation away from holding company control and have a president manage it as if it were a distinct unit.

The holding company's function will be reduced to financing the businesses. "We're pushing our authority out of the holding company back into the field where we deal with our customers," Mr. Roemer said.

The traditional banking business may see the biggest change. Integra is consolidating the charters of its three bank subsidiaries: Integra-North, Integra-South and Integra-Pittsburgh, into one lead bank, Integra Bank.

Within the banking business. executives will receive more autonomy too. The bank will divide its market into individual community banks, each with a president who oversees a particular region.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER