First Union fails to meet its goals in cost-cutting
Article Abstract:
First Union Corp. has been unsuccessful in attempting to meet its savings goal from its acquisition of CoreStates Financial Corp. in 1998. The bank failed to reduce expenses by $258 million, even after nine months of implementing cost-reduction measures. First Union planned to reduce $258 million from CoreStates' after-tax expenses for 1998. This cost reduction involved job downsizing, branch closings, and the combining of computer and management systems.
Comment:
First Union unsuccessful in attempt to meet savings goal from its acquisition of CoreStates Financial
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1999
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1st Union closes Money Store
Article Abstract:
Allentown, Penn.-based Money Store, which has about 3,000 employees, will be closed by parent company First Union Corp. following disappointing earnings. First Union, which reported it would have $5 billion in losses and write-offs for the next year, had acquired the Money Store in 1999.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2000
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Jumping ship with a blessing instead of a fight
Article Abstract:
The article discusses Stephen M. Dalton's departure from First Union Corp. to the company he is founding, ForeFront Capital Advisors L.L.C.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2000
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