Investors Bancorp to reduce workforce by 5% and close six branches
Investors Bancorp announced it has implemented a plan to reduce operating expenses, including a workforce reduction of approximately 5% and the closure of six branch offices. The workforce reduction will take effect by year end and it is anticipated the branch closures will take effect the first week of March 2018. The company estimates the workforce reduction along with the branch closures will reduce its annual operating expenses by approximately $10 to $12 million. In connection with the plan, the company expects to recognize non-recurring pre-tax expenses of approximately $5 million in the fourth quarter of 2017 attributed to severance benefits and the costs related to the branch closures.