Gibbs Comments on Potential Job Loss in Memphis Banks

Memphis, TN, April 26, 2008 --(PR.com)-- Andrew K. Gibbs, CFA, CPA/ABV, a senior vice president at Mercer Capital, was recently quoted in an article published in the Memphis Daily News, titled "Banking Workforce Reduction Ahead, Study Says," by Eric Smith.

In the article, published April 23, 2008, Gibbs responds to a recent study by the research firm Celent LLC, which indicates that the U.S. financial industry could lose 200,000 jobs in the next 12 to 18 months as a consequence of the failings of the subprime mortgage markets, and how such a widespread reduction could affect Memphis-based financial institutions.

“I don't think that Memphis banks are quite as exposed to job losses as banks in other places,” Gibbs was quoted as saying in the article. “I think the different business mix of the banks in Memphis may be an insulating factor somewhat relative to what banks in other places are experiencing.”

However, Gibbs cautioned, the risk of downsizing could increase if market conditions do not improve in 2008 and into 2009, with potential mergers and expense reduction as contributing factors.

Mercer Capital is a business valuation and investment banking firm serving a national and international clientele. They offer a broad range of consulting, valuation, and investment banking services, including financial institution valuation, financial reporting and tax valuation, M&A advisory, fairness and solvency opinions, ESOP valuation services, and litigation support. For over 25 years, Mercer Capital has been bringing uncommon professionalism, intellectual rigor, technical expertise, and superior client service to a broad range of public and private companies and financial institutions located throughout the world.

###