BOK Financial Corp. to Cut 200 Jobs in Third Quarter

Tulsa-based BOK Financial Corp. will cut its workforce by about 200 jobs, or about 5 percent, during the third quarter, the bank holding company said in a filing with the Securities and Exchange Commission Aug. 28.
A spokesman said the cuts would include 98 jobs in BOKF’s Tulsa operations.
The layoffs, which began Tuesday, are “part of a strategy to streamline operations and to align personnel expenses with revenue growth,” the filing said.
The reduction affects management and staff level jobs throughout all of BOKF’s eight-state region, the filing said.
“Since the beginning of 2005, the company has experienced significant growth and has added over 800 jobs,” the filing said. “The company will continue to employ approximately 4,300 employees at the conclusion of this workforce reduction.”
The filing also said third-quarter earnings will include a pre-tax charge of about $3.9 million for severance and other costs. It said the financial service company expects the staff reductions, including elimination of unfilled positions and associated benefit costs, will result in an ongoing quarterly pre-tax savings of about $4 million.
BOKF is the parent company of Tulsa-based Bank of Oklahoma N.A.



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