A group of CoreStates Financial Corp. executives who are slated to lose their jobs when the banking company is scheduled to merge with First Union Corp. in April have something else to gripe about: They will not be able to cash in their unvested stock options.

In a memorandum last month to stock option plan participants, CoreStates chairman and chief executive officer Terrence A. Larsen said the company needed to alter the option plan to preserve tax-free accounting treatment for the pending deal.

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