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PROVIDENCE, R.I. (AP) — Critics of Fleet Financial Group’s restructuring, which will eliminate 5,500 jobs, including 275 in Maine, ought to mind their own business, Chairman and Chief Executive Officer Terrence Murray said. Murray took up the banking company’s “Fleet Focus” restructuring program in the…
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PROVIDENCE, R.I. (AP) — Critics of Fleet Financial Group’s restructuring, which will eliminate 5,500 jobs, including 275 in Maine, ought to mind their own business, Chairman and Chief Executive Officer Terrence Murray said.
Murray took up the banking company’s “Fleet Focus” restructuring program in the latest edition of its monthly newsletter, “Current Economic Developments.”
He acknowledged the layoffs are painful.
“It is horrific to many, even though we are providing generous severance benefits.
“But that pain must be put in proper perspective. Not to re-engineer will be far more painful for far more people tomorrow,” he wrote.
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