Charter One Financial plans to cut 900 jobs, report says

CLEVELAND (AP) -- Charter One Financial Inc. plans to eliminate about 900 jobs, or almost 11 percent of its work force, according to a newspaper report Tuesday.
Charter One is being bought for $10.5 billion cash by Providence, R.I.-based Citizens Financial Group, a unit of the Royal Bank of Scotland Group. Federal regulators approved the deal about two weeks ago, and Charter One shareholders gave their approval last week.
Citizens said Tuesday in a statement that it considers the deal completed, making it the 12th largest commercial bank holding company with $131 billion in assets.
The Plain Dealer reported about 400 jobs will be cut in the Cleveland area, where Charter One has about 2,500 employees.
A Charter One spokeswoman, Cindy Schulze, did not return a call to comment Tuesday.
Citizens disclosed previously that about 400 jobs are being eliminated in Rochester, N.Y., where Charter One's automobile finance operation is based. About 75 jobs are also being cut in Albany, N.Y.
But Citizens has not disclosed how many jobs will be cut in Cleveland, said company spokeswoman Nancy Lesic.
"I don't have a number," Lesic said Tuesday. She confirmed that letters on job changes went out to employees Aug. 19 "to every employee in the Midwest region."
She said Citizens is hesitant to provide a number because it expects to add an unspecified number of jobs, and some of the people who may lose a job may go into a new position.
Citizens said in May that it expects to cut 22 percent of Charter One's operating expenses by eliminating overlaps in technology, consolidating operations, purchasing more efficiently and cutting jobs.