graphic
News > Companies
Bank One slashing jobs
March 30, 1999: 12:28 p.m. ET

Combined work force set for 5% cut in wake of merger with First Chicago
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Bank One Corp., the nation's fourth-largest bank, has targeted up to 4,700 job cuts in the wake of its merger with First Chicago NBD Corp. last fall.
     Of those, about 2,700 had been eliminated by the end of 1998, the bank indicated Tuesday.
     Bank One acquired First Chicago for $21 billion in stock last October, and job reductions were expected to follow as part of a cost-cutting program. Details of the cuts were included in Bank One's annual Form 10-K report filed with the Securities and Exchange Commission Monday.
     Bank One spokesman Stan Lata said Tuesday that after the merger, the company decided to reduce the number of employees by 4 percent to 5 percent from Sept. 30, 1998, levels, when the two banks employed a total of 94,000.
     As of Dec. 31, 1998, he said, the roster had been reduced to 91,310. The rest of the cuts will be carried out by mid-2000 and will come from a combination of attrition, buyouts, outsourcing operations and layoffs, he said.
     Bank One (ONE), formerly based in Columbus, Ohio, moved its headquarters to Chicago after the merger. The deal is expected to produce about $930 million in annual savings, Lata said.
     Bank One stock was up 7/32 at 55-5/8 in midday trading Tuesday on the New York Stock Exchange. Back to top

  RELATED STORIES

The year of the megamerger - Dec. 1, 1998

  RELATED SITES

Bank One

First Chicago


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.