First Union earnings excluded a net after-tax gain of $150million related to the restructuring and other charges and gains onthe sale of the company's credit card portfolio and first mortgageservicing portfolio.
Several months ago, First Union said it was planning to sellboth the servicing portfolio and the platform of its mortgagecompany to Wells Fargo, a sale that was part of its $3 billionrestructuring. But last month, Wells Fargo decided against buyingthe bank's mortgage servicing center located in Raleigh, NC.
The deal to sell the mortgage business took a back seat to FirstUnion's decision to close its home equity loan business, The MoneyStore, a decision that affected over 2000 workers. The mortgagecenter in Raleigh represents 450 Jobs.
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