After a drop in profits, UMB’s cost cutting includes layoffs

The UMB Bank in KC |Erika Peepo/Missouri Business Alert
The UMB Bank in Kansas City | Erika Peepo/Missouri Business Alert

UMB Financial Corp. reported a profit of $22.5 million for the quarter ended Sept. 30, down 37 percent from the same quarter last year in part due to continuing problems at its Scout Investments subsidiary and expenses related to its $182 million acquisition of Marquette Financial Cos.

The third quarter drop has led to a push to cut costs, including layoffs at the Kansas City-based banking company.

In a presentation to investment analysts Wednesday, UMB cited reductions in employees, elimination of vacant jobs, and cutbacks in overtime and hours worked as part of its effort to make the company more efficient.

Read more from the Kansas City Business Journal and Kansas City Star

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