Security Pacific cuts economic research staff by two-thirds.Security Pacific cuts economic research staff by two-thirds Security Pacific Corp. slashed slash v. slashed, slash·ing, slash·es v.tr. 1. To cut or form by cutting with forceful sweeping strokes: slash a path through the underbrush. 2. two-thirds of the staff of its high-powered economic research unit, sources told the Business Journal last week. The size of the unit was reduced from 18 to six or seven employees, as at least four employees were laid off - including two economists - and at least four others were transferred elsewhere within the institution, a source said. One economist confirmed that he had been transferred but refused to elaborate. The bank also reportedly promoted Vice President Howard Roth to chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the , a source said, replacing a post vacant since former Chief Economist Kathy Cooper left the bank in September to become chief economist with Exxon Corp. in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . A Security Pacific spokesman refused to confirm or deny Economic Research Department cuts or Roth's promotion. But another bank employee who requested anonymity said that Roth was indeed named chief economist. The unit's reduction brings it into line with the size of research units at other large local banks, the source said. First Interstate Bancorp First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. It was headquartered in Los Angeles. The name has continued to be used in the banking world by used after the merger by First Interstate Bank who had been using the , which is 60.7 percent of Security Pacific's size, has seven economists and eight other economic research personnel. Surprising, said the source, was the fact that the previous acting chief economist, Vice President and Senior International Economist Ron Solberg, was reportedly transferred to credit risk. Security Pacific's economic unit prepares strategic research for use by the bank's management and presentations to clients. Security Pacific is in a cost-cutting mode, having reported a fourth-quarter loss of $357.6 million and announced that it will disband dis·band v. dis·band·ed, dis·band·ing, dis·bands v.tr. To dissolve the organization of (a corporation, for example). v.intr. 1. its merchant bank operations. In other employment news, Security Pacific last week announced the promotion of Nicholas Binkley as chairman and chief executive of Security Pacific Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. System, a group of commercial and consumer finance and venture capital companies. Binkley, 45, succeeds William Ford William Ford (July 5, 1826 – December 9, 1905) was an American business man, also the father of Ford Motor Company founder Henry Ford. William is of Irish descent. Biography William was born in County Cork, Ireland to Irish parents John and Thomasine S. , 65, who will continue to serve as a vice chairman of the corporation until his retirement next month. |
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