MINNEAPOLIS - In his first year as chairman and chief executive of First Bank System, John F. Grundhofer seemed to have sealed his reputation as a ruthless cost-cutter.

He fired 2,000 people, or 20% of the work force, and replaced 19 of the company's top 20 managers. He slashed perks and removed potted plants.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.