Wachovia Corp. said Monday that it would eliminate 1,800 jobs, almost 8.5% of its work force, in a plan to reinvigorate profit growth.
The Winston-Salem, N.C., banking company said it would take up to $100 million in pretax charges related to the restructuring, mostly in the third quarter. The company projected that the cuts would reduce annual expenses by $100 million and result in an increase of $425 million in pretax profits by 2002. L.M. "Bud" Baker Jr., Wachovia's chairman and chief executive officer, said the decision to cut staff came after a strategic review that began last year and was focused on finding ways to increase revenues, inject capital in growth businesses, and control expenses.