First Security Announces Major Reorganization And Layoffs

First Security Corp. ended months of speculation Thursday, announcing a major reorganization that will cut its work force by 1,577 positions in the bank holding company’s six-state region.

First Security’s stock closed Wednesday up 50 cents at $35.50 a share.

Eccles said the corporation will be reorganized into six units under the areas of community banking, retail lending and business banking services.