First Union to Eliminate 5,850 Jobs

First Union Corp., the nation’s sixth-largest bank, said Friday it plans to cut 5,850 jobs, or 7% of its work force, in a restructuring plan related to acquisitions made last year.

The cuts will hit hardest in the Carolinas and Pennsylvania, but will also affect California. About 500 of the job cuts are planned in Sacramento.

The Charlotte, N.C.-based company had said last month it was considering cutting up to 7,150 jobs as it consolidated operations of Philadelphia-based CoreStates Financial Corp., acquired last April for $16 billion, and Sacramento-based Money Store Inc., purchased in June for $2.1 billion.

First Union also warned that its first-quarter earnings would be hurt by $380 million in one-time expenses related to the CoreStates merger and the restructuring. However, the company expects to meet analysts’ estimates of $4 a share in operating profit for the year.

First Union shares fell 75 cents to close at $54.50 on the New York Stock Exchange.