Fifth Third Bancorp is set to lay off around 500 employees in the wake of its acquisition of MB Financial.

Majority of the redundancies will be in Rosemont, according to data filed with the Illinois Department of Commerce and Economic Opportunity.

Over two dozen jobs are said to be axed in MB’s Chicago corporate headquarters.

Fifth Third has already notified 493 affected employees about the downsizing exercise, which is expected to commence next month.

The move will primarily impact administrative as well as back-office jobs.

The deal, valued at around $4.7bn, was first announced in May 2018 and completed last month.

Under the agreement, MB Financial shareholders are entitled to receive 1.45 shares of Fifth Third common stock along with $5.54 in cash for each share held.

The acquisition added around $20bn in assets to Fifth Third’s books.

When the deal was announced, Fifth Third chairman, president and CEO Greg Carmichael said: “In addition to its strategic importance, this merger is expected to drive significant financial benefits.

“We expect our investment to generate an IRR of approximately 18.5 percent and to be accretive to our operating EPS in the first year, with accretion of nearly 7 percent in the second year, once cost savings are fully realised.”