Pacific Capital To Lay Off 300 Workers By July

PZF-AJC-BD

SANTA BARBARA, Calif. (AP) — Pacific Capital Bancorp will reduce its work force by 22 percent, or 300 jobs, by July in a cost-cutting move.

Late Wednesday, the community bank holding company said it will eliminate 80 positions by the end of this month, and the rest during the second quarter. The cuts will be made across all of its markets and business units.

The company said it expects to save about $20 million a year as a result of the cuts. One-time severance-related costs are expected to be between $3 million and $5 million. ...