Wayzata-based TCF Financial Corp. has trimmed 700 employees from its retail branches in an attempt to keep expenses down, the Business Journal reports. That's according to Chief Executive Officer Bill Cooper who volunteered the information on an earnings call with analysts last week.
"We haven't made big announcements in that like many others. We've just crunched it down and made it more efficient," Cooper said. "But at the same time, we've been growing our revenue generation businesses, and we've been using that savings largely to change the revenue generation capacity of the bank"
TCF Bank posted a profit of $25.5 million in the first-quarter, compared with a net loss of $282.9 million a year earlier, according to a news release.
“TCF’s focus throughout 2013 is to generate results based on the momentum created through our building and investing strategies in 2012," Cooper said in a statement. "We executed on this initiative in the first quarter as net interest margin remained strong and loan and lease balances continued to grow. I am encouraged by our progress so far and am confident that we are in position to drive results moving forward.”