Amcore Financial to Cut 9% of Workforce

Amcore Financial will reduce its workforce by 9%, and cut executive pay.

The company will eliminate 116 positions, including that of chief operating officer. The firm reduced staff positions by 11% in Q4 2008.

The company has also cut executive salaries by 5%, canceled merit-based pay increases, and slashed contributions to its 401(k) plan.

Amcore is a multi-bank holding company with subsidiaries which perform commercial banking operations, credit card services, insurance services, investment banking services, and mortgage banking.