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At least 20 of the highest-ranking executives at Firstar Corp. have been notified they will lose their jobs following the company's acquisition by Star Banc Corp., Cincinnati, in November.
Star and Milwaukee-based Firstar have chosen 36 executives to run the combined company. Twenty-two jobs were given to Star employees, while 14 Firstar executives will keep their posts among the top rungs of management in the new $38 billion bank holding company, according to internal memos obtained by The Business Journal.
Left out of the new team, effectively losing their jobs, are Firstar chief financial officer Jeffrey Weeden, Firstar controller Jay Skemp and Firstar human resources director Dennis Fredrickson.
All of the Firstar employees who won't have positions with the new company can stay on until the acquisition is complete, probably by late November. An internal newsletter said those employees will receive severance pay and help in looking for new jobs.
Firstar would not comment on personnel changes or give any clues as to how …