Household International Inc.'s projection that it could wring $450 million in cost savings from its $8.6 billion purchase of Beneficial Corp. was greeted with skepticism when the deal was announced.

But 12 months later, after eliminating 1,000 employees and 250 offices, taking $1 billion in merger charges, and placating scores of highly disgruntled Beneficial employees, Household is getting kudos from analysts and investors.

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