'Hundreds' laid off at Citizens Bank: Update
Phillies sponsor cuts 15 local branches: report
'Hundreds' laid off at Citizens Bank: Update
Joseph N. DiStefano
Citizens Bank, the US arm of Britain's Royal Bank of Scotland, is going through its second round of branch closings and layoffs since the 2008 financial crisis. A laid-off staffer tells me 15 Philadelphia-area branches (9 freestanding, 6 in groceries) are being shut and staff dismissed. No immediate statement from the bank. Across the Northeast "hundreds" are losing their jobs, according to news reports in Rhode Island where Citizens is based.
Around Philadelphia, the bank operates the old PSFS and Girard Bank branch networks and pays for naming rights at the Phillies' Citizens Bank Park. UPDATE: Citizens spokeswoman Sylvia Bronner gave no details of the Philadelphia-area cuts.
Comments (45)
Hey CJR. A) I've been a reporter since 1988. I've written a daily column for the Inquirer since 2008. This blog is the first draft. B) Where do you think the reporter got this story? I broke it and sent it to him. The bank has still not made a public announcement. Joe D.— Joe D- Hey colbertforpresident, I am not a company stooge, I'm a customer and I like the people at my local branch-- enough such that I sent an e-mail to the Regional CEO to laud them.
But exactly to my point, here's how a real reporter, not a sensationalistic blogger like Joe D, tells this story:
http://www.philly.com/philly/business/20111118_Citizens_Bank_closing_9_Phila_-area_branches.html— cjr114 - You don't think the expanded company statement had anything to do with this gonzo journalism, this radical commie screed?
Not all stooges are paid. See: Penn State fans. Critical take = sensationalism, party line = beauty and truth.
In other news, ignorance is strength.— colbertforpresident - I hate banking online. I tried it and found myself insecure with unauthorized purchases. I want to deal with my Citizen bank in person, at their ATM, or at the point of sales only.— jfo12
- If job creation is the nations most important priority and I clearly believe it is, why does a fringe faction our our political spectrum do all they can to tear down job creating corporations and why does the media fawn over them for it? Environmentalists oppose anything that has to do with our only viable sources of energy and now all Financial Institutions are the demons. A large chunk of them are just the same old far-left socialist-leaning anti-corporatist's regardless of industry. Corporations should not be immune from criticism (especially at the expense of government's role) but the all out war being waged against every industry that competes and hires in the marketplace is hugely destructive and they should be condemned by the media for it instead of getting propped up by them. Our economy will not improve until this is addressed at the polls.— tr88
- *should read*Corporations should not be immune from criticism (especially at the expense of deflecting responsibility from government's role)
— tr88 - Get your money out of the banks and switch to credit unions... Bankers are greedy after getting so much money they throw their hands in.. But just remember the people at the top are never affected only the bottom people that keep things afloat!!! so sad!! its a ponzi scheme— noncents
- This past summer my financial advisor suggested I switch to another bank, or better yet a credit union. He wouldn't elaborate except to say there are better banking choices out there. Well, I switched to a credit union, now I can see why he told me that. He is worth his weight in gold.— JetDrive
- That's been true for decades for the individual banking consumer. Good advice but I dont think it meets the "worth your weight in gold" standard. Taking the profit out of big banks will have a negative impact on our economy. — tr88
- Joe D, thank you for responding. The reason I say it's a non-story is that you've provided no specifics. If you have one laid off person as your source, you should know at which branch that person worked. Maybe it would have been more newsworthy to name that one branch location without identifying your source, but adding a qualifier like, "there may be up to 14 more branches involved."
Sorry, but in my humble opinion the story as posted does a disservice to the customers and other employees of Citizens Bank branches locally, as well as any others with an interest in the story.— cjr114 - Company stooge doesn't like when the big bad reporter makes the masters look bad? There, there, it'll be ok, you'll get the party line soon enough. — colbertforpresident
- Dodd Frank cut the cost of using a debit card by roughtly .20 a transaction so when someone buys a shorti at Wawa the banks and Credit Unions are not making as much money on each tranaction. Both will have to adjust by raising fees, laying off workers or both. Commercial Banks have more branches, more employees, more convenience and more capital which is supported by profit. The cost of loans to businesses will have to go up resulting in less capital investment and less jobs. Enjoy tearing them down boys and girls (along with every other corporation) just dont be wondering why we're rapidly deteriorating into the second world. What I think Banks should do is start pulling back debit and ATM cards on lower balance accounts and let thoise folks do all their banking at Credit Unions and let the "not for profits" deal with the increased volume.— tr88
- kelprod2
"...employees who have lost their jobs directly because of the Dodd/ Frank legislation."
as you're so knowledgeable, in what way?
there's a dozen banks at every intersection in this nation, Dodd/Frank had something to do with that, right?
there are employees needed in every branch even though there are atms at every branch, Dodd/Frank had something to do with that, right?
Citizens parent company, RBS is bankrupt, Dodd/Frank had something to do with that, right?— ald - kelprod is an anti-government loon. Take whatever she says with a grain of salt.— taxmanndumbeth
- Occupy is winning. The banks are hurting and people are losing their jobs hahahaha.— Dunsmore
- How much more hope n change can we handle? even u dem's have to admit we gotta get rid of obama n co./ "2012 CHANGE WE HOPE" Wait till health care kicks in, u ain't seen the worst yet!!— realityck
- This is what happens when you have banks invent investment strategies with pressure from Shareholders to prop up earnings reports. Banks once had sound investments and grew at healthy rate. Banks are not only to big to fail, but too big to manage.— philsoutthecomment
- Cicero...you are blind ... if you believe for 1 second that Dodd/ Frank & over-reaching governmental intervention in the financial sector has not directly resulted in tens of thousands of employee layoffs in the fiancial sector. And those layoffs are not at the top of the corporate food chain...they are lower level & middle level employees who really need their jobs. Make no mistake, Barney Frank has had more to do with the economic downtown in America than any other single individual. Dodd/ Frank is overwhelmingly awful legislation that is specifically designed to protect stupid consumers from themselves, massively increase the size of government, limit the free market.... and the end result is vast unemployment for those hard working lower & middle level employees within the financial sector. Obamacare is terrible legislation, but Dodd/ Frank is even worse.— kelprod2
- Can you post which branches are closing, please?— Ben S
- I wonder what Alexander Hamilton would say to this????— Wilhelm Von Humboldt
- We serve no wine before it's time? — tr88
- Keep building more branches though. Who goes to the bank? I avoid them and the post office as much as possible.— eastfalls
- Gee, what a company.....letting people go just before the holidays. This is the corporate America that conservatives love.— taxmanndumbeth
- Didn't your kind agree with the Occukooks a few weeks ago, urging people to pull their money out of the "big banks"? Citizens is a "big bank". Maybe they listened to you guys. Less customers = fewer employees required = layoffs. Sounds like your guys were successful - there are consequences.
- Do the right thing and hire a few out of your pocket instead of your usual coat- holding. — tr88
- I had a checking account at Citizens Bank and I immediately closed it when a mysterious $30.00 fee appeared on my statement. When I called and asked what the fee was, I was told it was an annual fee for the ability to overdraft my checking account. Not an actual overdraft but just a fee to give me the right to overdraft!!! I said, "if and when I ever overdraw my account you can charge me a fee when that happens. Please close my account."— justinnachod
- Don't know where folks claiming credit unions are raising fees get their info. Mine has not, and if they plan to, they have not said. Credit unions don't have the pressure to do so that big banks do because their "profits" go back to the credit union members as dividends. In other words, earning above what is needed for expenses and the reserves necessary to be solvent are essentially refunded. There is no stock price to prop up.— Mr. Baseball
- I've been with Philly Telco Credit Union for over 20 years. Starting in January every formerly free ATM withdrawal except at their branches (they have like 4) will be $1. Every use of the debit card.25. What is your CU? I'll transfer. — tr88
This is what happens when you starve a credit-debt monetary system. Consider the current economic chaos as ''hunger pains''. It's only a matter of time before the financial community feeds the credit-debt system a healthy dose of INFLATION and puts everyone and everything at ease.
Inflation gives economies that ''full'' feeling.
Let's see how long the financial community tortures the economies of the world with starvation before ''feeding'' them.- CJR, why's it a non-story? Major employer cuts people and sites, not a story? The bank didn't announce this. You want we should wait for a press release? We'd wait a long time. The layoffs have also been reported by Citizens' hometown news media (see link, for example). We have some additional, local info from a laid-off worker and have asked bank to explain, which so far they haven't. That's why you're reading this, for now, in a blog, and not in print. AmblerEagle from Royal Carpet, what would, in your view, "serve the public"? Copying press releases when big government-aided employers choose to give them? No way. Joe D.— Joe D
- I know the solution for banking in America. Cyber-banking. This is the only way banks can make money in their new reality. They created the mess with the government so let them both go down. I would rather bank with Micro-Soft Cyber Bank anytime. I see a lot more banking employees loosing their jobs in the future as well. Credit Unions will follow suit. It's called a financial death spiral. A new system has to take over.— A. Martinez
- That should create jobs. — tr88
- CiceroSpuriousDeodatus - Please don't confuse k2 and all the other fox news dimwits with facts.
— Malachy - A Very Merry Chrismas and a bleak New Year in Philly.— TheShadowKnows
- Oh boy - here's kelprod again. Anytime he sees "bank" it's Frank/Dodd. Can't have ANYTHING to do with a decade of bad loans, bad deals, hedged bets that failed, bundled mortgages not worth the paper they're written on, "consolidations" that did nothing except raise consumer fees while providing LESS service, yeah but it's Frank/Dodd. ...— CiceroSpuriousDeodatus
- So should "corporations" just keep people on the payroll doing nothing?
- Thank you Barney Frank....Citizens Bank is just a slither of the amount of lower & middle level employees who have lost their jobs directly because of the Dodd/ Frank legislation. Keep it up Barney, pretty soon you will have totally destroyed every aspect of our economy through your endless meddling and artifical manipulation. Fanny, Freddie & Dodd/ Frank...governmenalt destruction at its finest!— kelprod2
- just a "slither" ?!?
does your keyboard have a speech impediment?— ekw555 - Banks are pretty much run by the government. The government uses banks to implement policy. That's why the government supports big banks because the big banks know they are better off cooperating with the government and staying huge. There's more money and power being big over being small and local and independent. The public doesn't want higher fees so banks have to cut staffing but the laid off people have nowhere to go because all big banks are doing it and the little banks are squeezed out because they want to be independent of the federal government which is a recipe for failure too in the current environment.— AvoidSundanceVacations
- cjr114 - This is typical of phillynews writers. They need to sensationalize the story. All about their 'by line'. They don't serve the public.— amblereagles
- Sort of a non-story at this point, don't you think?? Mr. DiStefano, shouldn't you confirm which branches and exactly how many people are involved, before posting non-specific info from an unnamed source who may have an ax to grind?— cjr114
- Tony, I have news for you. So are Credit Unions. All financial institutions need to find new ways to make the money they lost from new regulations. We all will suffer, none more than the poor people who lost their jobs.— tr88
- While I feel bad for the laid off workers, I don't feel bad at all for Citizens Bank. As a customer, I hate the bank and and waiting for a good deal from another bank to switch. Like all "big banks" they're jacking up service fees on accounts, and they're paying the price.— tonyS
- Maybe we need those 1 percenters to put more money in the banks for investment rather than pay more tax.— GarnetValley Mike
- Probably only a matter of time before they have to sell the naming rights to Citizen's Bank Park to some other greedy corporation.— SNJ_Native
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Joseph N. DiStefano blogs about the latest news in the Philadelphia business community and elsewhere. Contact him at 215-854-5194.
Reach Joseph N. at JoeD@phillynews.com.
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