HOUSTON - The decision last week by Compubank, the Internet-only bank, to lay off 10% of its 200 employees was intended to hasten it into profitability, it said.
Compubank was opened in 1998 and has yet to make a profit.
Compubank's action Friday was not the only waistband-tightening by a Web bank this month for the sake of the bottom line. First Internet Bank of Indiana said this month that it had laid off four of its 20 employees in order to reach profitability more quickly. Moreover, Bank One's WingspanBank.com and BankDirect.com have imposed fees on low-balance accounts.