Why Fifth Third Bancorp (FITB) Stock Is Up Today

NEW YORK (TheStreet) -- Fifth Third Bancorp  (FITB) rose Tuesday after CFO Tayfun Tuzun announced the company has cut 1,000 jobs across its branches in the last 15 months.

Tuzun told investors and analysts at the Deustche Bank Global Financial Services Conference in New York that ATMs that can take deposits, create check images, give out cash in different bills and provide various teller services allowed Fifth Third to trim staff and cut costs.

The 1,000 cut jobs represent 19% of Fifth Third's retail banking service employees. The company moved approximately 200 of those jobs to branch sales positions, but Tuzun said the net decrease of 800 jobs is a 10% reduction in banking center staff since the end of 2012.

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The stock was up 1.77% to $21.32 at 10:43 a.m.

Separately, TheStreet Ratings team rates FIFTH THIRD BANCORP as a "buy" with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate FIFTH THIRD BANCORP (FITB) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, notable return on equity and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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