P.M. BRIEFING : Manufacturers Hanover Plans to Take Realignment Charge
NEW YORK — Manufacturers Hanover Corp. plans to take an unspecified one-time charge in the second quarter to cover costs associated with its recent restructuring, the company said today.
The nation’s eighth-largest banking concern did not say whether the charge will result in a net loss but said the amount will be less than its operating earnings.
Manufacturers Hanover in May announced a major realignment that split its operations into four groups, eliminating a layer of management in the process. The move is expected to result in “significant annual savings” in the future, the bank said.
Separately, the bank said it expects its non-performing assets to increase 15% “in the near future principally as a result of problems being experienced by one of the corporation’s major real estate customers.”
That customer is developer Donald Trump, who earlier this month missed a $30-million interest payment due Manufacturers Hanover.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
