First Midwest shuttering branches, cutting jobs in efficiency effort
First Midwest Bancorp in Chicago plans to close 19 branches and cut about 150 jobs.
The $14 billion-asset company said in a press release Monday that the moves are part of its “Delivering Excellence” efficiency effort. The cuts represent about 15% of the company’s branches and 7% of its workforce.
First Midwest had about 2,100 employees at the end of March, according to its call report filed with the Federal Deposit Insurance Corp.
The cuts should be substantially complete by the fourth quarter. About half of the cut jobs should come from attrition.
The moves are a “natural progression” of an effort to build client relationships and service, Michael Scudder, First Midwest’s chairman, president and CEO, said in the release.
The company is trying to align its business and resources “as our clients’ preferences and industry continue to evolve amid technological and digital advancement,” Scudder added.