The Inquirer reports on the recent merger of Exelon Corp and NJ Public Enterprise Group Inc. resulting in the largest utilities company in the U.S. Exelon is made up of Illy's PECO Energy and Chitown's Unicom Corp. PECO is my electricity provider and boy are they charging me up the ass.
And with every merger, there will be massive layoffs...
The companies said they expected to eliminate about 5 percent of their combined workforces of 28,000 as a result of the merger, with some of those 1,400 jobs eliminated through retirement and normal attrition. They said savings in the first year would total about $400 million.Yeah, some of the 1,400 jobs gone via retirement and normal attrition. I'd say less than 5% is a more likely number [that number was pulled out of my ass along with my latest $100 electric bill] with more like 95% being laid off to save the brunt of that $400M. They estimate that they'll make $3.2 Billion annually. Couldn't they have made that $2.8B and let some of the little people hold onto their low level jobs and feed their families and pay their utilities?
I'll be keeping a close eye on my electric bill in the coming months.
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