The financial services giant Wachovia Corp. posted a 32 percent rise in fourth-quarter earnings Wednesday even as it said it plans to eliminate up to 4,000 jobs — about 4 percent of its work force — by 2007.
Following a November merger with SouthTrust Corp., the Charlotte-based bank has about 96,000 workers. Company spokeswoman Christy Phillips said about 20 percent of the reductions will be accomplished through attrition, the rest by layoffs.
The job cuts are part of a plan Wachovia executives outlined Wednesday to trim annual expenses by $400 million to $500 million.
Wachovia said fourth-quarter earnings set a record last year, fueled by gains in the general bank and wealth management businesses along with a boost from the SouthTrust merger that closed Nov. 1.
For this complete story, please visit Wachovia Unveils Cuts While Posting Profit.
