******ASO News********
Tuesday July 13, 2:14 pm Eastern Time
AmSouth sees cutting 1,400 jobs in merger
BIRMINGHAM, Ala., July 13 (Reuters) - Southeast regional bank AmSouth Bancorp. said Tuesday it could cut about 1,400 jobs, or about 10 percent of the combined workforce after it acquires First American Corp. (NYSE:FAM - news).
AmSouth announced plans to buy First American for $6.3 billion in June, to create a southeastern financial services company with $40 billion in assets. It said at the time it would take a $296 million charge related to the deal.
The bank, which posted record second quarter earnings of $74.2 million Tuesday, also said 24 branch offices in overlapping markets would be consolidated while about 1,400 ''non-revenue-producing'' jobs were identified to be cut. About 160 of these jobs would be eliminated immediately, it said.
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