First Union Corp. put an exact number on the number of jobs that will be eliminated as part of an ongoing restructuring, disclosing that it will cut 5,291 positions, or 7% of its workforce.
As expected, the ax is to fall hardest on the Charlotte, N.C., banking company's consumer banking unit. In a quarterly filing Friday with the Securities and Exchange Commission, it said 85% of the cuts will be in consumer banking. Thirteen percent will come in the company's administrative staff and 2% in capital markets. Most of the employees found out about their job status by June 30, the filing said.