Madison-based AnchorBank to cut 101 jobs in next 3 months

July 1, 2015

MADISON Madison-based AnchorBank is cutting 14 percent of its workforce as part of an effort to save money.

The Wisconsin State Journal (http://bit.ly/1Ny9MAW ) reports AnchorBank is eliminating 101 jobs over the next three months. The company says 78 employees will leave by Sept. 30 after they took a voluntary separation package. Another 23 jobs will be cut with the closing of six bank branches.

Company spokeswoman Jennifer Ranville says some of the job cuts will be replaced over time, while others will be consolidated or left vacant.

AnchorBank's parent company says the cuts and the planned sale of a Winneconne (win-uh-KAH'-nee) branch would save about $5.4 million a year.

 


Associated Press