public.wsj.com
"Chief Executive G. Kennedy Thompson has ordered employees to focus on retaining customers, increasing revenue and decreasing expenses. The expense-cut plan, internally called an "expense management review," is of such importance that newly hired Chief Financial Officer Robert Kelly last week urged employees in a video conference to cut spending even as they focus on serving customers."
"At the same time, the bank has changed its incentive plan to force branch managers to pursue deposits, an area that Mr. Thompson wants to improve."
" Newly released data from Federal Deposit Insurance Corp. show deposit market share as of June 30, 2000, slipping in some significant areas. In 1998, First Union acquired CoreStates Financial Corp., of Philadelphia, to boost its share of the Northeast corridor. The new FDIC data, however, show a decline in Pennsylvania deposits to $20.8 billion, or an 11.7% market share for all deposits, as of June 2000 from $24.1 billion, or a 13.8% market share, a year earlier.
In Florida, First Union's deposits were $31 billion, or a 14.9% share, as of June 2000, compared with $33.4 billion, or a 16.6% share, a year earlier. "
------------------------------------------------------
Obviuosly they didn't seem to get the "retaining customer" message nor the "increasing revenue" one either. |
