Fifth Third Bank to lay off nearly 500 in Chicago area

SHARE Fifth Third Bank to lay off nearly 500 in Chicago area

Fifth Third Bank is eliminating nearly 500 jobs in the Chicago area. | Sun-Times file photo

Fifth Third Bank intends to lay off nearly 500 people now that it has taken over MB Financial.

Most of the 493 jobs being eliminated are in Rosemont; about two dozen positions are being cut downtown, according to layoff notices filed with the Illinois Department of Commerce and Economic Opportunity. The layoffs will happen by May.

Fifth Third told Crain’s the cuts were mostly redundant administrative and back-office jobs.

Cincinnati-based Fifth Third announced in May it would buy Chicago’s MB Financial for about $4.7 billion, mostly in stock.

MB Financial had about $20 billion in assets at the time the sale was announced.

The Latest
The Blackhawks welcome the No. 1 overall pick in the 2023 NHL Draft into the fold this fall. We provide details on his play, his progress and his promise in Chicago throughout the days leading up to his Oct. 10 debut.
NASCAR returns to Chicago despite some pushback from politicians and downtown residents.
The case against Shane Woods, of downstate Auburn, began as one of the more serious cases against an Illinois resident stemming from the Capitol attack.
Weed firms would have to be OK’d by the local alderperson and the Zoning Committee, which typically defers to City Council members’ authority over zoning matters in their wards.
“I just want her remembered as a good momma and a good auntie and a good daughter,” Heaven Taylor’s mother told the Sun-Times. “This right here just hurts.”