BB&T to cut jobs this year
WINSTON-SALEM (AP) — A North Carolina bank says it will eliminate jobs this year because of an executive mandate for lean operations.
The Winston-Salem Journal reported today that BB&T said it didn't know how many positions would be eliminated. Spokesman Bob Denham said the reductions would be primarily through attrition and retirement.
Denham said the mandate doesn't mean mass layoffs.
The cost-cutting effort started last fall with recently retired chairman John Allison and is being carried out by CEO Kelly King.
Analysts have said the bank has handled the credit crisis better than many competitors, but still could face problems from slumping real estate markets.
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