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

Financial management, Abstract

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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.

Money Store Inc., MONE

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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.

Executive changes & profiles, Pennsylvania, ForeFront Capital Advisors LLC

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