SAN MATEO, Calif. A week after reporting an $8 million first-quarter loss, Bay View Capital Corp. said this week that it is cutting its work force by 15%.
The $5 billion-asset company, which has been struggling to regain its footing after a disastrous foray into franchise lending, plans to eliminate 100 jobs by the end of this year through a combination of layoffs and attrition. The company said late Tuesday that it would take an $8 million to $12 million charge in the second quarter to account for severance packages and other related costs.
This is not the first time Bay View has announced layoffs. Last fall it cut about 140 jobs after shuttering its Franchise Mortgage Acceptance Corp., a subsidiary that made loans to gas stations, convenience stores, and fast-food restaurants.