TCF Financial layoffs, on the record
Every job cut, severance charge and restructuring TCF Financial reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from 6,427 to 5,544.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | 6,427 | December 31, 2016 |
| 10-K for 2017 | 6,116 | As of December 31, 2017 |
| 10-K for 2018 | 5,544 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryDiscontinued auto finance loan originations, resulting in goodwill and intangible asset impairment charges and severance, asset impairment and lease termination expenses.
Word for word“The decision to discontinue auto finance loan originations resulted in a goodwill impairment charge of $73.0 million , an other intangible assets impairment charge of $0.4 million and approximately $14.8 million of expenses related to severance, other asset impairments and lease termination expenses in 2017 .” 10-K for 2017
Our summaryReduced headcount in auto finance, lowering compensation and employee benefits expense.
Word for word“The increase in 2017 was primarily due to charges related to the discontinuation of auto finance loan originations, including goodwill and other intangible asset impairment charges and severance, asset impairment and lease termination expenses, as well as increases in occupancy and equipment expense, allocation expense from Enterprise Services, advertising and marketing expense, net foreclosed real estate and repossessed assets expense and card processing expense.” 10-K for 2017
Our summaryRecorded severance expense within other non-interest expense.
Word for word“Severance 22,299 5,280 4,942 Loan and lease processing 22,149 26,193 24,641 Outside processing 20,473 15,313 14,332 Card processing and issuance costs 18,325 15,856 16,591 FDIC insurance 16,049 15,912 20,262 Other 113,123 111,267 106,090 Total other non-interest expense $ 345,456 $ 231,420 $ 229,255 Note 24 .” 10-K for 2017
Our summaryTCF stopped making new auto finance loans, which led to goodwill and intangible impairment charges and expenses for severance, other asset impairments and lease termination in 2017.
Word for word“The decision to discontinue auto finance loan originations resulted in a goodwill impairment charge of $73.0 million , an other intangible assets impairment charge of $0.4 million and approximately $14.8 million of expenses related to severance, other asset impairments and lease termination expenses in 2017.” 10-K for 2018
| Fiscal year ended | Severance costs |
|---|---|
| 2016-12-31 | $5.3 million |
| 2017-12-31 | $22.3 million |
| 2018-12-31 | $6.3 million |
TCF Financial filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from TCF Financial’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-02-26. 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.