With profits down, UMB Financial Corp. is making cuts — starting at the top.
According to the Kansas City Business Journal, UMB Financial Chairman Mariner Kemper said UMB Bank’s retail banking department was combined with its wealth management department under one executive. The company also combined the consumer office and private wealth office into one division called personal banking, and it combined institutional asset management and institutional banking and investor services into one division called institutional banking.
Kemper declined to disclose how many executives have been laid off and said it is an ongoing process.
Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) produced second-quarter profits of $30.2 million, a 12.9 percent decrease compared to earnings of $34.7 million a year earlier.
The bank estimates the initial moves will save $3.6 million annually.
Read more from
the Kansas City Business Journal.