Up to 2,000 positions will be eliminated by the end of the year through severance packages, forced retirements, and vacant positions that will not be filled.
A majority of the layoffs will come from the retail bank through branch consolidations however, almost every business line from legal, operations, Asset Based Lending and others are being impacted currently.
I understand layoffs are unfortunately necessary but I hope executive management isn’t awarded year end bonuses when so many hard working associates and their families will be adversely impacted.