MIDLANTIC CUT EXPENSES--BUT IT DIDN'T USE AN AX
The story "Banking pulls back from the brink" (Finance, Nov. 2) makes several interesting points about banking, but one statement about Midlantic Corp. is misleading. The expense reductions referred to were accomplished in the businesses of Midlantic remaining after some banks were sold. Through a broad-based, bankwide reengineering effort, expenses were reduced while customer service was increased--without selling assets, closing branches and existing businesses, or reducing salaries.
Garry J. Scheuring
Chairman, President, and CEO