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.