Memphis-based bank will offer buyouts to 400 employees - Action News 5 - Memphis, Tennessee

Memphis-based bank will offer buyouts to 400 employees

Posted: Updated:
MEMPHIS, TN -

(WMC-TV) – Memphis-based First Tennessee Bank will soon be adding to growing unemployment numbers.

First Horizon National Corporation is offering a voluntary buyout package to 400 employees within First Tennessee Bank.

"These will be people in operations, finance, human resources, accounting, and so forth," said John Daniel, Fire Horizon National Corporation executive vice president and chief human resources officer.

Daniel says the move will help reduce expenses and enhance profitability of its regional banking operation.

"I think the labor market is pretty fluid for people whose jobs have been targeted. I think even in the face of unemployment these people are amicably employable. Their skills are needed by other companies so it's never a good thing, but it won't have significant impact on the economy considering the number of jobs impacted," he said.

The severance pay will be based on years of service within the organization and will range from six months to one year's worth of pay.

The company will also provide medical insurance for one year for employees who take the buyout.

As for consumers who bank with First Tennessee, Daniel says the buyouts will have very little impact on them.

"Our bank is more strong because we continue to merge our expenses in line with the revenues," he said.

Copyright 2012 WMC-TV. All rights reserved.


  • Most Popular StoriesMost Popular StoriesMore>>

  • April Mugshots

    April Mugshots

    Tuesday, April 15 2014 11:48 AM EDT2014-04-15 15:48:25 GMT
    James SiebenthalJames Siebenthal
    The following are mugshots and charges of individuals arrested between April 1-4 by the Sullivan County Sheriff's Office.More >>
    The following are mugshots and charges of individuals arrested between April 1-4 by the Sullivan County Sheriff's Office.More >>
  • 7-year-old girl writes book after mother's death

    7-year-old girl writes book after mother's death

    Friday, April 18 2014 8:31 AM EDT2014-04-18 12:31:56 GMT
    (WMC-TV) - Most 7-year-old girls are playing dress up and reading books, but one Mid-South girl is the exception—not just reading but writing books. Shiloh Sanders talked about the inspiration behind herMore >>
    Most 7-year-old girls are playing dress up and reading books, but one Mid-South girl is the exception—not just reading but writing books.More >>
  • Teen killed in crash after prom

    Teen killed in crash after prom

    Saturday, April 19 2014 3:47 PM EDT2014-04-19 19:47:48 GMT
    (WMC-TV) - A young man's life was taken too soon. It was supposed to be a high school memory of a lifetime for Andrew Archer, but prom night turned into a tragic night for his family and friends. His promMore >>
    It was supposed to be a high school memory of a lifetime for Andrew Archer, but prom night turned into a tragic night for his family and friends.More >>
Powered by WorldNow