News In Brief
A draft order within the Federal Communications Commission, obtained by The Washington Post, recommends the agency approve the $183 billion merger of America Online and Time Warner - on key conditions. One would require the companies to make legally binding their pledge to allow rival providers of high-speed Internet access to reach customers over their cable TV systems, the Post reported. A related condition, described as only in the possibility stage, would dissolve the partnership between AT&T and Time Warner. The Federal Trade Commission and European Union also are reviewing the deal and have indicated strong concerns.
An estimated 3,000 jobs will be cut, Chase Manhattan Corp. said, as a result of its acquisition of investment bank J.P. Morgan & Co., which was announced earlier this month. A Chase spokesman said the jobs will be eliminated at operations in Hong Kong, London, New York, and Tokyo. But the buyout is likely to lead to the creation of an unspecified number of new positions, particularly in European investment banking, the spokesman said. Chase's workforce currently is 79,000; Morgan's is 16,000.
Two thousand three hundred jobs will be eliminated at KeyCorp, the Cleveland-based banking/financial services company said. The move is the second and final phase of a restructuring intended to save $360 million annually when fully implemented by the end of 2002.
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