Compass Bank Cuts 1,200 Jobs

Alabama Birmingham The Birmingham-based bank says the cut is part of an overall reorganization intended to streamline its U.S. operations.
by Associated Press
Published: Fri, January 23, 2009 - 4:48 pm CST Last Updated: Fri, January 23, 2009 - 5:36 pm CST
BIRMINGHAM, Ala. (AP) - Birmingham-based Compass Bank says it
will cut 1,200 jobs, or about 10 percent of its staff, as part of
an overall reorganization intended to streamline its U.S.
operations.
The company announced Friday the job cuts will spread across all
of its business units in Alabama and five other states. Compass
said the workers who will lose their jobs will be notified within
the next few days and will receive severance.
The cuts include management and non-managment positions.
The bank is the U.S. unit of a Spain-based banking company.
Compass officials said the changes are necessary to remain
competitive amid the battered U.S. economy.


(Copyright 2009 by The Associated Press. All Rights Reserved.)
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