Business

Wachovia plans to slash jobs in Richmond

RICHMOND, Va. -- Wachovia plans to eliminate 2,200 of 2,600 jobs in Richmond, Va., as part of its acquisition of brokerage A.G. Edwards, a spokes-man said Tuesday.

Wachovia Securities, the Charlotte bank's brokerage arm, announced in May plans to buy A.G. Edwards for $6.8 billion and take the firm's St. Louis headquarters. Wachovia has said it plans to cut 4,100 jobs in the deal but has disclosed few details.

Richmond, Wachovia Securities' current headquarters, will keep about 400 jobs, mostly in technology and operations. A "sizable" number of workers will have the opportunity to move to St. Louis, but the number hasn't been determined, spokesman Tony Mattera said.

The deal is expected to close later this year. The jobs will be eliminated during an 18-month transition period, Mattera said. Displaced employees will receive severance.

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