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HOW WILL BANKAMERICA-SECURITY PACIFIC MERGER IMPACT WORKERS? UFCW TO TESTIFY BEFORE RARE FEDERAL RESERVE BOARD HEARING

 HOW WILL BANKAMERICA-SECURITY PACIFIC MERGER IMPACT WORKERS?
 UFCW TO TESTIFY BEFORE RARE FEDERAL RESERVE BOARD HEARING
 As BankAmerica Corp. and Security Pacific seek to effectuate the largest bank merger in U.S. history, an estimated 20,000 workers in 10 western states -- over one-fifth of the two banks' 92,000 employees -- are at risk of losing their jobs as several hundred branches become targets for closure. In response to pressure from the United Food and Commercial Workers (UFCW), which represents employees at a BankAmerica subsidiary, and other groups, the Federal Reserve Board has agreed to hold rare public hearings on the impact of this planned merger. The merger cannot take effect until the board gives its approval.
 WHO: Ralph Franklin, business agent of UFCW Local 770, will
 testify before the Federal Reserve Board.
 WHAT: Franklin will testify in support of a UFCW-proposed,
 first-ever in the banking industry, joint labor-
 management program to address the needs of employees
 displaced by the merger.
 He will also urge the Federal Reserve Board to consider
 the employee impact of the merger in evaluating whether
 to grant its approval, and will call upon the state of
 California to pass legislation to ensure that the effect
 on displaced workers receives proper attention.
 These measures are necessary, not only to address this
 merger but for the long term, in light of recent
 estimates by bank analysts that as many as 300,000
 layoffs in the banking industry could be realized by the
 end of the decade.
 WHERE: Federal Reserve Bank of Los Angeles
 950 South Grand Ave.
 WHEN: Tuesday, Jan. 14, 1992
 The hearing will commence at 9 a.m. Franklin will
 testify at 4 p.m.
 UFCW represents many employees in the financial services industry in Los Angeles, as well as 4,600 workers at Seattle First National Bank (Seafirst), a subsidiary of BankAmerica, that is Washington state's largest bank. The Los Angeles-based Security Pacific, Seafirst's major competitor, is Washington state's second biggest bank. Consequently, substantial layoffs are expected there as a result of the merger.
 The 1.3 million-member UFCW is the nation's premier union representing employees in the banking, insurance and other "white collar" professions.
 CONTACT: Bruce Kozarsky or Laurie Strongin of The Kamber Group, 202-223-8700, for UFCW.
 -0- 1/13/92


CO: United Food and Commercial Workers; BankAmerica Corp.; Security
 Pacific ST: California IN: FIN SU:


MK -- DC013 -- 9052 01/13/92 11:31 EST
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Publication:PR Newswire
Date:Jan 13, 1992
Words:402
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