Akron-based FirstMerit outlines job cuts to save millions of dollars in 2013 in its latest filing to the U.S. Securities and Exchange Commission.
In the company's Tuesday filing, a presentation listed the elimination of 338 positions.
The reduction in staffing levels is just part of the effort to save $30 million by next year.
As the company moves forward amid the current economic conditions, proactive steps were listed in the presentation to address challenges, including the "declining level of branch traffic".
Of the ideas for savings measures submitted by employees, 341 ideas were chosen.
Other "efficiency initiative actions" included in FirstMerit's filing:
- Increase teller staffing flexibility.
- Eliminate redundant regional leadership positions.
- Reduce branch geographic overlap.
- Combine/eliminate the statement printing.
- Consolidate retail support call centers.
- Reduce temporary help.
- Insource a portion of the attorney function for managed assets.
The first evidence of the company's budget trimming endeavor surfaced last week, when AkronNewsNow.com first reported FirstMerit was eliminating all assistant branch manager positions across the board.
While the company operates 205 locations in the region, not all had the assistant manager positions.
On Monday, the Beacon reported FirstMerit would close six area branches and turn one into a drive-thru only.
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