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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: orkrious who wrote (21089)	1/12/2005 12:07:39 AM
From: mishedlo	Read Replies (1) of 116555

Standard Federal Bank announces layoffs January 11, 2005, 6:01 PM TROY, Mich. (AP) -- The parent company of Standard Federal Bank announced Tuesday that it would lay off hundreds of people in Michigan and elsewhere. The changes are expected to affect 500 jobs at Troy-based Standard Federal and Chicago-based LaSalle Bank, although about half of those people likely will be offered new jobs, said Shawn Platt, a spokesman for LaSalle Bank Corp. Platt could not say how many of the layoffs would take place in Michigan. The jobs are being eliminated because some functions performed in branches are being reassigned to a new specialized sales group, he said. The company has 18,000 employees in North America, primarily in Chicago and Michigan. There are 273 Standard Federal branches in Michigan and Indiana, and 140 LaSalle branches in Chicago and the suburbs. freep.com

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