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

Wednesday, 13 Sep 2017 

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.​. 

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