BB&T eyes more job cuts as it restructures (900 jobs)

[UpInArms]

http://www.charleston.net/stories/031504/bus_15finance.shtml

BB&T Corp., the nation's 13th-largest financial holding company, may slash an additional 900 positions or more this year as part of a restructuring effort prompted by the bank's purchase last year of First Virginia Banks, at that time the largest Virginia-based bank.

In its filings with the Securities and Exchange Commission, the Winston-Salem-based bank estimated that it has already cut 980 positions this year and would eventually eliminate a total of 1,918.

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A bank spokeswoman said 926 of the employees laid off in 2003 worked for First Virginia Banks Inc., which BB&T bought in 2003. The layoffs were aimed at reducing redundancy in back-office jobs following the merger.

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