and for making Perot correct about the giant sucking sound of jobs going to Mexico.
Posted on 11/26/2004 10:39:02 AM PST by Willie Green
BIRMINGHAM, AL — Wachovia Corp., the new owner of SouthTrust Corp., plans to cut 829 jobs in Birmingham between January 2005 and March 2006. More layoffs are expected to follow.
The job losses represent about 20 percent of the 4,000 people SouthTrust employs in Birmingham. Charlotte-based Wachovia, which bought SouthTrust last month, told state officials about the job cuts Wednesday, as required by laws that demand disclosure of mass employment cuts.
Wachovia, the country's fourth-largest bank, has said it can eliminate $255 million in annual expenses by combining its operations with those of SouthTrust, once Alabama's biggest financial institution.
The SouthTrust job cuts are the first acquisition-related firings for a major bank based in Birmingham, whose economy has relied heavily on having four major regional banks with headquarters within the city limits
(Excerpt) Read more at abclocal.go.com ...
Why the suspense; lets just pick a day and lay off everybody, the economy will really be booming then.
Sounds like they are true to their nick name.
Sadly this ahs been going on for more then a decade. Fiancial institutions have been merging anf laying off for that long. I know a man who just lost his job when fleet and bank of america merged. He was smart though, he got his resume out the same day he heard of the merger. He is working for the smae amount as before but as a contractor no benefits. He is also looking for something more permanent. Any harbor in a storm.
I wanted to buy some Wachovia about 6 months ago when it was at $45, but my advisor advised against it.
Now trading at almost $53.
These are probably a lot of over-laying jobs..Tellers at branches that will be shut down and sold, technology that is already redundant, hr positions that overlap...Sadly, it happens in any bank merger, take over, buy out.
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