Union Bank May Lay Off Up to 500 Workers

Executives at Union Bank of California said they may lay off as many as 500 employees and eliminate an additional 1,000 jobs through attrition as part of an ambitious restructuring program designed to cut costs and make the San Francisco-based bank more efficient. The bulk of the cuts are expected to come in Southern California, where 75% of Union’s work force is concentrated. Last month, Union officials said they were exploring ways to boost revenue and cut costs in an effort to make the bank’s stock more attractive to investors. The bank said it would likely close divisions and lay off workers to meet its goal of slashing total expenses by 10%, but officials at that time did not speculate on the number of job cuts. Final details about the job cuts are expected to be announced in mid-August, officials said.