Magazine article American Banker

Metris Layoffs Again Hit Senior Management Ranks

Magazine article American Banker

Metris Layoffs Again Hit Senior Management Ranks

Article excerpt

For the second time this year, Metris Cos. Inc. has made significant cuts to its senior management staff as part of a general layoff.

The Minnetonka, Minn., credit card issuer announced the latest layoff, of 65 workers, on Thursday. Those cuts included the elimination of about 25% of its senior management team.

The 65 terminations will cost Metris a third-quarter charge of around $2.5 million, or more than $38,000 for each worker laid off. Employees will receive severance based on their position and length of employment.

Mark Van Ert, a spokesman for the issuer would not precisely how many of the senior managers was let go, except to say that the affected employees included executive vice presidents, senior vice presidents, and lower-ranking staff members. No employees at the chief officer level lost their jobs.

Mr. Van Ert also declined to name any of the affected employees, citing employee privacy. …

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