Glenfed Announces Layoffs: Glenfed Inc. will eliminate...
From Times Staff and Wire Reports
Glenfed Announces Layoffs: Glenfed Inc. will eliminate about 500 more jobs than previously announced under a sweeping restructuring, raising the total number of layoffs to about 1,100. As part of the planned restructuring, Glenfed also said it would sell or consolidate of 26 it 236 branches. The parent of Glendale Federal Bank suffered a $140.8-million loss in its second quarter ended Dec. 31. In addition to the layoffs, about 1,000 employees were taken off of Glenfed’s payroll when it completed the sale of its North American Title Co. subsidiary last month.
