Compass Bank to cut 10 percent of staff

BIRMINGHAM, Ala. (AP) - Birmingham-based Compass Bank says it will cut 1,200 jobs, or about 10 percent of its staff, as part of an overall reorganization intended to streamline its U.S. operations.

The company announced Friday the job cuts will spread across all of its business units in Alabama and five other states.

Compass said the workers who will lose their jobs will be notified within the next few days and will receive severance. The cuts include management and non-managment positions. The bank is the U.S. unit of a Spain-based banking company.

Compass officials said the changes are necessary to remain competitive amid the battered U.S. economy.

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