NationsBank Corp. is taking the scalpel to its personal trust, institutional trust, and investment management businesses by eliminating 100 of the 3,700 jobs in the areas.
A bank spokesman said most of the people losing their jobs are middle managers who don't work in sales or deal directly with customers. Some administrative jobs also are being cut.
At the same time, the company is asking some employees who focus primarily on customer service to start selling as well. The spokesman said the changes are expected to make NationsBank more efficient and to boost trust sales. They will not have a material effect on earnings.
The Charlotte, N.C.-based banking company began notifying affected employees late last week. It expects to finish the notifications by the middle of this week. NationsBank will try to move most affected personnel into other jobs. Those laid off will receive severance packages. The affected personnel work through NationsBank's operating area.