Reengineering is back, again.

Another round of job cutting and strategic business "realignments" is making its way through the biggest U.S. banking companies as executives try to make up for sluggish revenue growth by chopping expenses. Wachovia Corp., which said Monday that it would trim 8.5% of its work force, is just the most recent example. Since last month, Bank of America Corp., First Union Corp., and Bank One Corp. have all announced major restructurings. Many observers said they expect the cost-cutting ax to continue to fall at regional banking companies throughout the year.

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