Citizens Financial to cut 'a few hundred jobs'
November 29, 2005
Citizens Financial Group is cutting ''a few hundred" jobs throughout its national operations, executives said, but they declined to say where the cuts would take place or the exact number. Spokeswoman Barbara Cottam said the bank is reorganizing ''some functions" after its rapid expansion to the Midwest. Asked to elaborate, she said, ''various areas of the company." She said the bank wants to ''continue to operate efficiently to be a successful company." Cottam said Citizens is currently notifying employees whose jobs will be cut and they can apply for new jobs within the bank. In the first six months of 2005, Citizens' staff costs increased nearly 60 percent to $731 million, up from $458 million in the first half of 2004. The increase includes its acquisition of Charter One Financial. (Sasha Talcott)
Citizens Financial Group is cutting ''a few hundred" jobs throughout its national operations, executives said, but they declined to say where the cuts would take place or the exact number. Spokeswoman Barbara Cottam said the bank is reorganizing ''some functions" after its rapid expansion to the Midwest. Asked to elaborate, she said, ''various areas of the company." She said the bank wants to ''continue to operate efficiently to be a successful company." Cottam said Citizens is currently notifying employees whose jobs will be cut and they can apply for new jobs within the bank. In the first six months of 2005, Citizens' staff costs increased nearly 60 percent to $731 million, up from $458 million in the first half of 2004. The increase includes its acquisition of Charter One Financial. (Sasha Talcott)