While takeover rumors sweep through Princeton, N.J., the top brass at UJB Financial Corp. is putting the finishing touches on a major reorganization of the bank's lines of business, say insiders.

Scheduled for unveiling next month, the plans call for unprofitable or borderline businesses to be slimmed down or shuttered and investments to be concentrated on healthy areas.

The reorganization may include layoffs and significantjob changes for senior UJB officers, sources say. The program is the outcome of a severalmonths-long study of business line profitability and long-range goals commissioned by UJB chairman T. Joseph Semrod and conducted by Price waterhouse.

Whether Mr. Semrod will get to announce his plans before UJB is taken over is not clear. UJB was the subject of intense takeover rumors last week.

Sources believe a merger with Bank of New York Co. or another Northeast regional bank is in the offing.

UJB officials confirmed last week that the reorganization will be announced in mid-September. They declined to comment on the takeover rumors. A Bank of New York spokesman also declined to comment.

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