First Union Plans to Cut 5,300 Jobs in Overhaul
American Banker (08/15/00) No. 3696 p.1; Moyer, Liz

Amid an extensive restructuring, First Union has announced that it will be cutting out 7 percent of its payroll, or precisely 5,291 jobs. The company told the Securities and Exchange Commission last week that 85 percent of the jobs lost will be among consumer-banking workers, 13 percent among administrative staff, and the remainder among capital-markets employees.


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