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Zions Bancorporation Announces Lay Offs

A Utah-based bank has announced plans to lay off hundreds of employees and close branches across multiple states in the coming months.

Zions Bancorporation started notifying employees this week about a 5% workforce reduction.

The company employs about 10,000 people in 11 western states with branches in Flagstaff, Prescott, Tucson and Phoenix.   It's unclear where the layoffs will take place.

Executives say about 30% of the layoffs would be employees dealing directly with the public, while the remaining 60% would be in enterprise activities and behind the scenes.

Company executives say the cuts are necessary after declining revenue.

Executives say banks across the country are losing money because of lower interest rates.