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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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