Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Economy

zbdent

(35,392 posts) Fri Jul 19, 2013, 07:45 AM Jul 2013

Um ... oops? KeyCorp (bank) cuts jobs ... resulting in 11% decline in profits ...

http://www.ohio.com/business/keycorp-posts-11-decline-in-profit-amid-expenses-to-cut-jobs-1.414159

I'm sure the MBA who proposed that "cost cutting measure" got a good paycheck ...

4 replies

= new reply since forum marked as read

Highlight:

Um ... oops? KeyCorp (bank) cuts jobs ... resulting in 11% decline in profits ... (Original Post) zbdent Jul 2013 OP

KeyCorp is one of the best managed banks in the Midwest aristocles Jul 2013 #1

My wife used to work for them. Fuddnik Jul 2013 #2

Bought KEY in late 2011. aristocles Jul 2013 #3

Hmmm, fewer locations to do business, fewer people to do business. mbperrin Jul 2013 #4

aristocles

(594 posts)

1. KeyCorp is one of the best managed banks in the Midwest

Reply to zbdent (Original post)

Fri Jul 19, 2013, 08:04 AM

Jul 2013

They'll make the loss back, and then some.

Fuddnik

(8,846 posts)

2. My wife used to work for them.

Reply to aristocles (Reply #1)

Fri Jul 19, 2013, 09:22 AM

Jul 2013

Until they sold off her Department.

They had more Vice-Presidents than employees. We sold off her KeyCorp stock in her 401k back in 2008. The stock price is still less than half what it was then.

Well managed indeed.

aristocles

(594 posts)

3. Bought KEY in late 2011.

Reply to Fuddnik (Reply #2)

Fri Jul 19, 2013, 10:06 AM

Jul 2013

And today it's close to 80% up.

mbperrin

(7,672 posts)

4. Hmmm, fewer locations to do business, fewer people to do business.

Reply to zbdent (Original post)

Fri Jul 19, 2013, 10:14 AM

Jul 2013

Wonder why business fell?

Duh.

Bankers and stock folk have such a singularly dumb view of the world, where people are problems and profits are magically generated by doing less.

Nah.

Reply to this discussion