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Exelon Axing Jobs, Mostly In IllinoisBy: Peter Key, Staff Writer
Philadelphia Business Journal
June 18, 2009
Exelon Corp. said Thursday it is eliminating 500 jobs in a corporate restructuring that will cause it to take a charge of $40 million before taxes in the second quarter.
The company said 400 of the jobs are corporate support jobs, mostly at its Chicago headquarters. Another 100 are at its Chicago electric utility, Commonwealth Edison Co.
The job cuts may have a minor effect on Philadelphia, home of Exelon’s Peco Energy Co. subsidiary, an Exelon spokesman said.
Exelon (NYSE:EXC) said the restructuring will enable it to reduce its spending on operations and maintenance by $350 million, or 3.5 percent, next year.
Denis O’Brien will continue as Peco’s president and CEO, Exelon said.
Exelon expects to complete the job cuts by the end of August.
http://www.bizjournals.com/philadelphia/stories/2009/06/15/daily29.html
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