In the three months following NationsBank Corp.'s acquisition of BankAmerica Corp., about 1,800 employees were fired, according to documents filed this week with the Securities and Exchange Commission.
The filing says about 1% of the Charlotte, N.C., bank holding company's 171,000 employees "entered the severance process" from Sept. 30 through Dec. 31.
The $618 billion-asset bank plans to cut loose 5,000 to 8,000 workers, mostly through attrition, BankAmerica spokesman Robert Stickler said. The reduction is expected to be complete at some point "well into next year," he said. The job cuts so far have occurred across the bank's 22-state franchise, Mr. Stickler added.
Of a budgeted $740 million in set-asides for severance packages to be handed out in the wake of the merger, $253 million had been spent as of Dec. 31, the bank said.