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Banking

March 10, 1994|From Times Staff and Wire Reports

Fleet Seen Focusing on Layoffs to Cut Costs: Fleet Financial Group Inc., the largest banking company in New England, is expected to lay off more than 3,000 employees, or more than 11% of its work force, as part of a restructuring that could save as much as $225 million annually, analysts said. Fleet is expected to release details today of the long-discussed restructuring. Fleet, based in Providence, R.I., is likely to close several of its 800 branches and reduce its subsidiaries to six from seven by consolidating New York operations, analysts said.

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