Utah bank to lay off 500 employees after revenue declines

October 23, 2019 GMT

SALT LAKE CITY (AP) — A Utah-based bank has announced plans to lay off hundreds of employees and close branches across multiple states in the coming months.

Zions Bancorporation started notifying employees Tuesday of a 5% workforce reduction. The company employs about 10,000 people in 11 western states.

Executives say about 30% of the layoffs would be employees dealing directly with the public, while the remaining 60% would be in enterprise activities and behind the scenes.

Company executives say the cuts are necessary after declining revenue.

Executives say banks across the country are losing money because of lower interest rates.

Executives say the company would close or relocate a small number of branches, but only one in Utah previously announced would shut down.

Some executives say they took a pay cut to trim expenses.