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New Jersey's Investors Bancorp discloses layoff, branch closure plans

Investors Bancorp Inc. plans to cut its workforce by about 5% before the end of 2017 and close six branches in the first week of March 2018.

The Short Hills, N.J.-based company expects that the actions will lower annual operating expenses by $10 million to $12 million. It will, however, record approximately $5 million, pretax, in related fourth-quarter expenses.