Bank To Shed 4 Percent Of Workers, Offers Buyouts - NewsChannel5.com | Nashville News, Weather & Sports

Bank To Shed 4 Percent Of Workers, Offers Buyouts

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

According to The Commercial Appeal, the bank offered buyouts to about 400 middle management workers Thursday, expecting about 10 percent 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 by The Associated Press. All Rights Reserved.)

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