Vectra Bank parent to cut 500 jobs, close branches
SALT LAKE CITY — A Utah-based bank that operates Vectra Bank Colorado has announced plans to close some branches and lay off 500 employees.
Zions Bancorporation (Nasdaq: ZION) announced the moves to employees, Oct. 21, and elaborated in an earnings conference call, Oct. 22. Zions employs about 10,000 people in 11 states, putting the workforce reduction at 5 percent.
It’s unclear how many of the job cuts or branch closings might occur in Colorado.
The cuts were attributed in part to lower net interest margins.
Zions reported assets of $70 billion as of June…
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