CoreStates to cut 2,800 jobs
CoreStates Financial Corp., in an effort to trim costs, said yesterday that it will cut 2,800 jobs, or close to 20 percent of its staff, and close 37 of 370 domestic branches over the next 18 months.
The cuts will result in a charge of $110 million against first-quarter earnings, the Philadelphia-based banking company said.
Miss. firm, FCC seek auction accord
Minorities may still get a chance this year to make bids at a special auction for licenses to provide the next generation of mobile phone service.
Federal regulators and a Mississippi telephone company are trying to settle out of court a dispute over an auction that would provide minorities with an opportunity to acquire these new licenses.
On March 15, the U.S. Court of Appeals in Washington told the Federal Communications Commission that it could not proceed with the June auction until a lawsuit over the FCC's auction policies was resolved.
Telephone Electronics Corp., which is based in Jackson, Miss., has offered to drop its lawsuit if the FCC would permit it to participate in the auction and receive bidding credits, FCC officials said. The FCC said that it is considering the offer.
3 firms invest in Digital Express
Digital Express Group Inc. of Beltsville said yesterday that it had received a venture capital infusion from three firms led by Grotech Capital Group in Baltimore.
The investment will help the company expand its products and service area, Digital Express President Doug Humphrey said. The company, which provides individuals and companies with access to the Internet, did not disclose the investment's size.
USAir pilots delay pact hearing
The union representing USAir's 5,000 pilots delayed yesterday for a second day a meeting to consider a contract proposal that would cut their pay by 20 percent.
Union negotiators and the company spent the day working on details of the tentative contract, a spokesman for the Air Line Pilots Association said. Yields fall on 5-year Treasuries
Yields on five-year Treasury notes fell in yesterday's auction to the lowest level in seven months.
The high yield was 6.99 percent, down from 7.13 percent at the last auction on Feb. 23. It was the lowest rate since 6.91 percent on Aug. 24.
Tandy plans more Radio Shacks
Tandy Corp. said yesterday that its Radio Shack consumer electronics store chain plans to open up to 500 new outlets by the year 2000, in its first major expansion in nearly a decade.