Banc One Corp. and First Chicago NBD Corp. expect to spend $1.25 billion to merge, including about $800 million on severance and other costs for employees who would be cut or shifting responsibilities, a regulatory filing revealed.

About $200 million would go to top managers as "change in control" provisions kick in at First Chicago and managers are compensated according to contracts.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.