Las Vegas Sun

March 28, 2024

First Security Corp. earnings

COMMENTS: First Security recently announced Project Vision, a corporate redesign which includes a major restructuring by lines of business to better meet customers' needs and to increase efficiency, performance and shareholder value. The restructuring is expected to be complete by the end of the year and will have an impact on current staffing levels. To keep layoffs to a minimum, the company instituted a hiring freeze and a voluntary election out program. Of the resulting 1,577 positions eliminated, 249 chose to leave the company voluntarily, 82 employees were placed in a re-deployment pool, 211 positions were absorbed by the hiring freeze, 466 positions will be assimilated through attrition in 1996 and 569 employees are leaving the company involuntarily, most of whom have work-through dates scheduled throughout 1996, according to a news release announcing earnings. First Security operates 271 branches in Utah, Idaho, New Mexico, Oregon, Nevada and Wyoming. (Nasdaq: FSCO)

archive