Second-quarter earnings at Republic New York Corp. crashed to $11.1 million - a whopping 86% decline - following a $120 million charge for severance and other cost-cutting expenses.

In May, Republic said it would cut 850 of out a worldwide total of 5,500 jobs as part of an expense reduction program. The reorganization is expected to produce annual savings of $75 million. Republic said Wednesday that it was "on target with its expense reduction objectives."

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