Chemical Bank cuts over 200 jobs
MIDLAND, Mich. -- Just over a year after merging with Talmer Bank, Midland based Chemical Bank is now cutting more than 200 jobs.
Employees were first notified via email last week from President and CEO Thomas Shafer that due to the "ongoing and never ending advancements in technology and the effect it has on our customer's behaviors" something had to be done.In the letter Shafer also says the restructuring is not the fault of the employees nor is it related to their performance.
The employees affected will be notified by the end of the month and receive a severance package as well as outplacement help.
"Our goal is to be as helpful as we can in helping any displaced employee quickly get back into a job," says Chemical Bank CFO Dennis Klaeser.
In addition to the employee reductions, several bank branches will close their doors to consolidate meaning 38 less locations by the end of 2017.
This all stems from a recent analysis of the banking centers done by the company. "There's been a dramatic transformation over the last 10 years where a majority of transactions is done electronically or through e-banking rather than being done in person or at a physical branch," says Klaeser. "It's very efficient to get cash these days through ATMs and people are using less cash than they did before because people are paying their bills electronically."
It is not just branch employees, senior staff members have also been affected by this restructuring. Their COO and Executive Vice President is also among those leaving the company.