Investors Bancorp to cut workforce by 5%, close 6 branches

12/07/17 06:12 PM EST

Investors Bancorp Inc. (ISBC) said late Thursday it was laying off about 5% of its workers and closing six of its branch offices. The Short Hills, N.J.-based bank has 155 branches and reported having 1,829 employees at the end of 2016. Investors Bancorp said the cuts will reduce annual operating expenses by about $10 million to $12 million. Shares of Investors Bancorp were flat at $14.17 after hours.

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

 

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12-07-17 1812ET

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