Waterbury-based Webster Financial Corp., the holding company for Webster Bank, said it expects 2009 expenses to be lower than a year ago, due to the year-long cost-cutting measures the bank has undertaken, executives said.
Last January, Webster Bank initiated its OneWebster program, which focused on expense management and revenue enhancements. The plan resulted in the implementation of 1,142 approved ideas and a net reduction of 237 positions, executives told investors.
Then in December the bank initiated a second round of cost cutting measures which centralized all like functions across the company and is expected to drive an additional $16.5 million in annualized savings, starting in the second quarter, the bank said.
New England’s largest bank posted a $321 million fourth-quarter loss in 2008 and slashed its dividend by 97 percent.
At 11 a.m., Webster traded at $3.16, down 7 cents, or 2.2 percent. The stock is down nearly 90 percent from its 52-week high of $31.
