Monday, August 3, 2015

Layoffs, branch closings at Phila's biggest bank

Beneficial Bank plans up to 30 layoffs, 5 branch closings, in a cost-cutting plan

Layoffs, branch closings at Phila's biggest bank


Beneficial Mutual Bancorp, the biggest bank still based in Philadelphia, plans an "expense management reduction program" that will "reduce its workforce by approximately 4% during the first quarter," and "consolidate" five branches into other locations, the bank told the Securities and Exchange Commission. Filing here.

Beneficial employs around 900, meaning the cuts will affect 30-40 jobs. Boss Gerry Cuddy has said Beneficial has had a tough time growing out of the recession because Philadelphia-area business has been slow to recover and there hasn't been much demand for new loans.

Beneficial said it will take pre-tax charges of: $2.7 million to pay severance and outplacement costs for the laid-off employees, and $1.5 million to close the five branches.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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