Fed bounces check workers
By Aaron Siegel July 9, 2007
A Federal Reserve check-processing facility in Connecticut will layoff 136 employees as part of a plan to cut 1,700 jobs nationwide.
The Federal Reserve says its people and businesses are switching to electronic transactions, so there are fewer checks to process now than in past years, according to the Associated Press.
The Windsor Locks facility will be left with "a handful" of employees after the transition occurs, the report stated.
The facility will then become a "print-only" site, printing and sending out legal copies of original checks.
Its check-processing operations will move to Philadelphia.
From Investment News
A Federal Reserve check-processing facility in Connecticut will layoff 136 employees as part of a plan to cut 1,700 jobs nationwide.
The Federal Reserve says its people and businesses are switching to electronic transactions, so there are fewer checks to process now than in past years, according to the Associated Press.
The Windsor Locks facility will be left with "a handful" of employees after the transition occurs, the report stated.
The facility will then become a "print-only" site, printing and sending out legal copies of original checks.
Its check-processing operations will move to Philadelphia.
From Investment News
Labels: Connecticut, Federal Reserve Bank, layoffs
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