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Capital One Financial (COF) in McLean, Va., has slashed nearly 500 assistant branch manager positions nationwide in a cost-cutting move aimed it improving its overall efficiency.
April 10
Assistant branch managers are becoming an endangered species.
Just weeks after Capital One Financial (COF) said it was
Speaking at the Barclays Americas Select Franchise Conference in London Tuesday, FirstMerit Chairman and Chief Executive Paul Greig said the company is closing eight branches in northeast Ohio and eliminating 338 jobs in an effort to trim its overhead by roughly $30 million a year.
Greig's comments were first reported by the Cleveland Plain Dealer.
Greig said that the cuts are in response to the more challenging operating environment stemming from increased regulation, restrictions on fee income and an overall decline in branch traffic. The company has turned a profit in 52 straight quarters and Greig said that the cost cuts will help it maintain its momentum.
The $14.7 billion-asset FirstMerit will shutter the eight branches in August as well as consolidate regional call centers and eliminate redundant regional manager posts, the Plain Dealer reported. With the exception of the assistant branch managers, all affected employees will be offered jobs at other FirstMerit branches.
FirstMerit has about 205 branches in Ohio, Pennsylvania and Illinois.
