First Tennessee Bank to shed 4% of workers, offers buyouts

First Tennessee Bank to shed 4% of workers, offers buyouts

Posted:

MEMPHIS (AP) - Memphis-based First Tennessee Bank aims to reduce its 4,500-employee workforce by about 4% into next year.

According to The Commercial Appeal, the bank offered buyouts to about 400 middle management workers Thursday, expecting about 10% of them to accept the deal. It's on the table until Oct. 31 and offers six months' to one year's salary, depending on tenure.

First Tennessee won't hire replacements as an expected 160 other positions become vacant.

Bank chief human resources officer John Daniel said banks are under pressure to cut expenses because interest rates have fallen so low.

First Tennessee is the largest bank based in the state.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WATE. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.