Pacwest Bancorp layoffs, on the record
Every job cut, severance charge and restructuring Pacwest Bancorp reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 1,700 to 2,438.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 1,700 | December 31, 2020 |
| 10-K for 2021 | approximately 2,200 | December 31, 2021 |
| 10-K for 2022 | 2,438 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryThe company announced it would eliminate about 200 Civic positions as part of restructuring its Civic lending subsidiary, with a WARN Act notice planned for Civic employees.
Word for word“The Company announced it planned to provide a WARN Act notice to Civic employees the week of February 20 th and anticipated that approximately 200 Civic positions would be eliminated, effective in the second quarter of 2023.” 10-K for 2022
Our summaryThe company recorded a goodwill impairment in 2022 tied to plans to restructure Civic, which will cut Civic's headcount.
Word for word“The $63.9 million increase in noninterest expense was due to the growth of the Civic operations and loan portfolio during 2022 and was primarily due to a $22.0 million increase in compensation expense and a $29.0 million goodwill impairment recorded in 2022 due to plans to restructure the Civic operations.” 10-K for 2022
Pacwest Bancorp has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Pacwest Bancorp’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.