Fifth Third Bank cutting almost 500 jobs, many in Rosemont

Fifth Third Bank plans to lay off nearly 500 workers from locations in Rosemont and Chicago, according to information filed with the Illinois Department of Commerce and Economic Opportunity.

The Cincinnati, Ohio-based bank, which last month completed its merger with Chicago's MB Financial Bank, plans to let go 470 workers from two MB Financial corporate offices in Rosemont, and another 23 from MB's corporate headquarters in Chicago's West Loop, according to the state agency's March Worker Adjustment and Retaining Notification (WARN) report.

The layoffs are expected to begin in mid-May.

Fifth Third announced the $4.7 billion deal in May 2018. When shareholders approved the merger in September, Chief Reputation Officer Larry Magnesen said up to 50 of the 239 branches could close in overlapping markets to save costs. No locations were identified at the time.

Fifth Third has 148 branch locations in the Chicago area, while MB Financial has 91. With the merger, Fifth Third gains MB Financial's roughly $20 billion of assets.