Tuesday, May 7, 2013

BB&T expects 'minimal' Charlotte job losses in restructuring

BB&T expects job losses in Charlotte to be "minimal" as the bank begins restructuring, Charlotte metro regional president Wes Beckner told the Observer on Tuesday.

The restructuring comes as BB&T turns its focus to cost savings this year, mirroring many of its peers that have already done so. Bank of America has cut nearly 27,000 jobs since beginning a cost-cutting initiative in fall 2011 known as Project New BAC. Wells Fargo, too, has reorganized some of its operations.

BB&T had been divided into 37 regions, a number that will be cut to 23. One of those regions will remain based in Charlotte.

Its territory, however, will expand from a territory roughly encompassing Mecklenburg County and its bordering counties. It will now stretch north into Hickory and west as far as Haywood and Jackson counties. Beckner will continue to lead the region. Former city executives will become market presidents, Beckner said.

BB&T, based in Winston-Salem, employs more than 1,500 in Charlotte, many in an uptown office tower. The bank hasn't given any figure for how many jobs will be cut company-wide as part of the restructuring.

"When you combine regions, there will be some redundancy," Beckner said. "The impact here will be very minimal. ... We’ll take advantage of attrition over time to absorb it."

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