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First Union cuts 4,400 jobs
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February 24, 1998: 8:07 p.m. ET
Bank also closing 172 branches following acquisition of CoreStates
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NEW YORK (CNNfn) - First Union Corp. plans to eliminate more than 4,400 jobs and close about 172 branches as part of its acquisition of CoreStates Financial Corp.
First Union said about 3,072 jobs will be eliminated through attrition and the remainder will come from layoffs.
The company is allocating $209 million for severance payments which will range from 12 weeks salary to 78 weeks.
First Union also plans to close approximately 172 of the combined company's 1,013 branches across Pennsylvania, New Jersey and Delaware.
Charlotte, N.C.-based First Union announced it was merging with Philadelphia-based CoreStates in a $16.6 billion deal. Once final, it will be the biggest banking merger in history.
CoreStates (CFL) shares closed down 11/16 to 82-1/2 while First Union (FTU) lost 3/4 to end at 51-9/16.
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CoreStates
First Union
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