Wachovia Plans to Eliminate 1,800 Jobs and Take Charge of
Wall Street Journal (08/29/00) Vol. 104, No. 34 p.A4; Mollenkamp, Carrick

Wachovia, a Winston-Salem, N.C., bank, is laying off 1,800 people. The bank will take a $100 million charge to cover severance costs. The job-cuts are part of a larger project to increase revenues and slash costs. Cuts such as eliminating some of its corporate jets are expected to save the company $100 million annually. Overall, the bank is expecting a $425 million pre-tax increase in earnings by 2002.

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