First Union earnings excluded a net after-tax gain of $150 million related to the restructuring and other charges and gains on the sale of the company's credit card portfolio and first mortgage servicing portfolio.
Several months ago, First Union said it was planning to sell both the servicing portfolio and the platform of its mortgage company to Wells Fargo, a sale that was part of its $3 billion restructuring. But last month, Wells Fargo decided against buying the bank's mortgage servicing center located in Raleigh, NC.
The deal to sell the mortgage business took a back seat to First Union's decision to close its home equity loan business, The Money Store, a decision that affected over 2000 workers. The mortgage center in Raleigh represents 450 Jobs.
First Union will be offering wireless banking next year through a contract with New York-based w-Technologies.
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