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    Washington Post.com: Post 200 -- Top 35 Financial Institutions

    Signet Banking Corp.
    list rank
    From the April 28, 1997, Washington Post


    '96 (in $ 000s) '95 (in $ 000s)
    Assets 11,720,000 11,012,865
    Net Income 124,927 111,080
    Rank Last Year: 5

    Description:
    Signet is a multibank-holding company that offers a variety of financial services through its capital markets, commercial and consumer banking businesses. Excluding 15 branches scheduled to be closed by the end of the year, Signet has 224 bank offices in Virginia, Maryland and the District.

    Business Resume:
    • Contact Info --
      701 E. Franklin St.
      Richmond, Va. 23219
      804-775-2000
    • Main Business --
      Banking
    • Founded --
      1922
    • Chairperson --
      Malcolm S. McDonald (CEO)
    • President --
      T. Gaylon Layfield III
    • Employees --
      4,803
    • D.C.-Area Employees --
      590
    Developments:
    Signet announced last fall that it was beginning a comprehensive, seven-month review of its operations, which was expected to lead to significant cost-cutting and result most likely in an undetermined number of layoffs.

    The banking company, which has 63 branches in the Washington area, said it has hired a consulting firm to help with the restructuring project. Twenty key bank employees are working full time on the effort, and 40 to 50 managers have been tapped to devote most of their time to the review. The company said it plans to implement the recommendations next year.

    As part of the review, the company will scrutinize all of its businesses—even some of its core operations, such as its mortgage, commercial and investment units and its bank branch network—to determine which should be kept and which should be sold, changed or spun off.

    In an unrelated move, the bank announced in February that it was closing 15 branches by the end of the year, four of which are in the Washington area. The closings were the result of an evaluation of the bank's branch network. The 15 branches were selected because they were located close to other bank offices and their profitability was hurt as a result.

    © Copyright 1997 The Washington Post

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