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.