- Associated Press - Sunday, October 15, 2017

ALBUQUERQUE, N.M. (AP) - Los Alamos National Bank is laying off about 10 percent of its workforce as part of a broad effort to reduce business costs.

The bank’s CEO, John Gulas, announced the 26 layoffs on Friday.

He says the decision is based on a strategic business review conducted by the bank’s board of directors and senior executives in the last few months.

Gulas told the Albuquerque Journal that the bank is reorganizing some operations to cut costs.

It replaced old data-processing systems with more modern ones and it revised staffing models.

Los Alamos National Bank also expects to save money by fully exiting from temporary consent orders it reached with federal regulators a few years ago to resolve problems in its loan portfolio in the aftermath of the recession.

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Information from: Albuquerque Journal, https://www.abqjournal.com

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