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January 15, 2009
Marshall & Ilsley Corp., said Thursday that it lost nearly $400 million in the fourth quarter, and it will eliminate about 166 more jobs as part of its cost-cutting moves.
Milwaukee-based M&I, parent of Southwest Bank in St. Louis, suffers continued losses from the recession and bad real estate loans.
M&I said Thursday that 80 percent of 830 planned job cuts, to 8 percent of its work force, have already been made, including positions eliminated earlier in 2008 through attrition and staff reductions. The remaining 20 percent of the cuts will come by the end of 2009, the company said. M&I took a fourth-quarter, pre-tax charge of about $9 million related to the job cuts.
Southwest Bank is laying off fewer than 20 of its 300 employees. Bob Witterschein, Southwest’s chief executive, declined to elaborate, saying it was company policy to not discuss lay-offs.
The job cuts are part of measures M&I said it’s taking to reduce expenses about $100 million annually, including: nearly eliminating its quarterly cash dividend to 1 cent per share from 32 cents per share, and eliminating 2008 bonuses and freezing salaries for corporate officers and executives.
M&I saw a fourth-quarter net loss of $391.2 million, compared to net income of $493.9 million in the fourth quarter of 2007. For the full year 2008, M&I reported a net loss of $555.6 million compared with net income of $1.15 billion in 2007. The year-ago periods included a $525.6 million gain on the sale of its Metavante subsidiary.
M&I sold $1.715 billion in stock to the U.S. Treasury in November as part of its Troubled Asset Relief Program.
Southwest Bank has 17 branch offices in St. Louis, St. Charles, O’Fallon, Arnold and Belleville, Ill. Southwest Bank is an affiliate of Marshall & Ilsley Corp.
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