TD Banknorth to cut 400 jobs, shut or consolidate 24 branches

[MaineDem]

Source: Portland Press Herald/AP

PORTLAND, Maine — TD Banknorth Inc. announced Friday it will cut 400 jobs and close or consolidate 24 branches as part of a plan to reduce operating expenses by at least 5 percent.

The Portland-based financial services company said the job cuts would occur over the next several months. The jobs represent about 5 percent of the company´s work force of 8,700 at the end of December.

The branches slated for closing are in New Jersey, Connecticut, New York, Pennsylvania and Massachusetts.

Read more: http://news.mainetoday.com/apwire/D8O1T68O0-81.html

[mainegreen]

1. Perhaps this is due to their very rapid expansion via buyouts?

:shrug: