MINNEAPOLIS (AP) -- U.S. Bancorp on Wednesday confirmed that the merger with Firstar Corp. means elimination of about 2,500 jobs, but said some people would be transferred to other jobs within the company.
The total number of job cuts was 750 more than the 1,750 the companies estimated in a proxy statement sent to shareholders in January before the merger was finalized.
The two companies had about 50,000 employees when the $22.5 billion stock deal was finalized, said spokeswoman Wendy Raway.
The new figure on job cuts was disclosed in a quarterly filing Tuesday with the U.S. Securities and Exchange Commission.
"It's where there are duplicative positions," Raway said. When possible, she said, displaced employees are moved to other jobs within the company. Others are given severance pay and help in finding new jobs, she said.
Firstar acquired U.S. Bancorp, but it took the Bancorp name and moved its headquarters from Milwaukee to Minneapolis.
The company said in April that total pretax charges related to the Firstar merger are expected to reach $970 million, an increase of $170 million from the company's estimate last October.
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