Investor reaction was muted Friday after First Union Corp.'s dramatic disclosure that it might cut up to 10% of its work force.

Shares which had risen $1 in anticipation of First Union's meeting with analysts Thursday evening dropped 25 cents in morning trading then recovered to close off six cents at $52.3125.

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.