First Chicago Corp.'s announcement Wednesday that it would lay off about 1,000 employees should not have a significant impact on the bank's municipal securities business, John Gilchrist, chairman of First Chicago Capital Markets, said yesterday.

Mr. Gilchrist said the municipal securities department, which includes public finance, underwriting, trading and distribution, would not experience any "major layoff of personnel" under the new cost-cutting strategy for First Chicago's global corporate bank.

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