First Union is three times bigger than Wachovia with terrific opportunities, and Wachovia has a terrific approach to business. Thompson will be the chief executive of the merged bank, and Baker will be its chairman until he retires in 2004. Because of their overlapping markets, about 7,000 jobs will be cut and up to 300 branches could be closed. Thompson said that it would take at least a year before the full extent of the cuts were announced because of the need to first decide which systems and models will be used in each division of the new company. Desktop News delivers a continuous stream of news headlines directly to your desktop - and it's all free.
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