HEAVY INDUSTRY
From Times Staff and Wire Reports
Bank Merger Means Job Losses in Florida: First Union Corp. of Charlotte, N.C., will eliminate 2,800 jobs, all in Florida, as it takes over the failed Southeast Bank of Miami and consolidates operations, a First Union spokesman said. Some Southeast employees could be out of work as early as Friday, as First Union begins cutting 22% of the combined staff. About 500 jobs will be eliminated this year. Southeast was seized by regulators last week after seven straight quarters of losses, totaling nearly $500 million.
