Frost Bank laid off 68 employees this week, a move owed to a tightened pandemic economy that is unlikely to let up soon.
Frost, the largest regional bank based in San Antonio, has not laid off workers since 2002.
Frost spokesman Bill Day said the discharged positions had either been made less efficient by technology or their “business case” had changed. In some cases, duties held previously by two positions were consolidated.
“Cutting positions like this is never easy,” he said. “It’s never the first thing we think of when we go to cut costs or control expenses.”
The bank’s parent company, Cullen/Frost Bankers Inc., announced late last year that executives would take 10% pay cuts in 2021. CEO Phil Green’s base salary in 2020 was slightly more than $1 million, so his reduction is equal to about $103,000.
Day said general expenses had also been cut across the company.
Day couldn’t say how many of the 68 employees laid off were in San Antonio.
He said they were given “generous” compensation packages based on their length of employment and position held.
Those affected by the layoffs were notified Wednesday.
Disclosure: Frost Bank is a San Antonio Report business member.
