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BRIEF-Chemical Financial initiates about seven pct net reduction in total employees​
September 12, 2017 / 8:12 PM / 12 days ago

BRIEF-Chemical Financial initiates about seven pct net reduction in total employees​

Sept 13 (Reuters) - Chemical Financial Corp

* Chemical Financial Corp - on Sept 7, co initiated a restructuring effort that includes an about seven percent net reduction in total employees​

* Chemical Financial Corp - ‍impacted staff have been notified and departures are expected to be largely complete by September 30, 2017​

* Says restructuring includes certain branch consolidations​

* Chemical Financial Corp - restructuring efforts include planned consolidation of 25 branches in Q4 of 2017

* Chemical Financial Corp says ‍following planned closures in Q4 of 2017, chemical bank will have a total of 211 branches​

* Chemical Financial Corp - regarding staff reduction, branch consolidations,other restructuring efforts, co expects to incur pre-tax charges of about $18 million​

* Says ‍annualized cost savings from restructuring initiative are expected to be about $20 million​ Source text: [bit.ly/2wVssvm] Further company coverage:

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