Yellow contends that its existence hinges on the trucking company's "One Yellow" modernization plan, including addressing the looming maturation of $1.3 billion in debt next year. But a lawsuit filed Tuesday in federal court claims that the Teamsters union is breaching its contract by standing in the way of the effort, costing the company $137 million in forgone savings and additional revenue One Yellow would have generated.
With a massive debt problem hanging over it, Yellow Corp. says that to avoid bankruptcy it needs additional concessions from International Brotherhood of Teamsters workers. But the union says its members already have given enough.
UMB Bank joined the ranks of banks in the midst of laying people off but declined to share any details. A reliable source puts the number around 100, but UMB officials say the figure is "not material to our business" so it won't discuss it publicly.
Leawood-based CrossFirst Bank laid off 22 of its 500 employees as part of an efficiency project in the wake of acquiring two banks in the past year. CEO Mike Maddox also points to margin concerns in an uncertain economy.