Mitsui Manufacturers Bank lays off 34 employees.Mitsui Manufacturers Bank lays off 34 employees Bank officers and support staff let go, business down Mitsui Manufacturers Bank laid off 34 employees, including two senior vice presidents, last week. The layoff Layoff 1. When a company eliminates jobs regardless of how good the employees' performance. 2. A risk reduction, made by investment bankers, that minimizes the potential downside associated with a commitment to purchase and sell a stock issue unsubscribed by stockholders holding , which involved 7 bank officers and support staff, represented 4 percent of the bank's entire staff. The bank's action follows a period of attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: in the workforce. However, Michael Henninger, senior vice president and director of human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. at the the bank, insisted this was the first layoff of any kind at the bank. The layoffs result from overstaffing and a falloff fall·off n. A reduction or decrease: a falloff in car sales. Noun 1. falloff - a noticeable deterioration in performance or quality; "the team went into a slump"; "a gradual slack in in work volume, Henninger said. An industry source called $1 million a conservative estimate of the bank's projected annual savings results from the layoffs, based solely on salaries and not counting benefits. This estimate assumed a senior vice president would make at least $75,000 per year and the other 32 employees, an average of $25,000 per year. One of the senior vice presidents had been with the bank for 28 years--since the bank was founded -- and would probably have a salary in excess of $100,000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the industry source. The employees were given one day's notice and will receive two week's pay. None of the employees had written employment contracts with the bank. The layoffs come on the heels of top management changes last November. Former president Yutaro Hayashi was named chairman of the bank and Jerry Johnston, president. Since Mitsui Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. acquired Manufacturers Bank in 1981, the bank has been at best a lackluster performer. Earnings at the bank, which specializes in financing for the garment and apparel industries, fell drastically after the Japanese bank assumed ownership. In 1980, the year before the acquisition, Manufacturers earned $10.1 million. Six years later it lost $56.4 million. More recently the bank has posted modest profits. For the year ended Sept. 30, 1989, net income was $6.7 million, according to Sheshunoff Information Services See Information Systems. , based in Austin, Texas. Last summer Security Pacific Corp. bought a 20 percent stake in the bank from Mitsui. At the time the purchase of the stake set off speculation that Mitsui might eventually sell its entire interest in the laggard bank to Security Pacific. |
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