Concord EFS


plans to cut 250 jobs, or 10% of its workforce, in a bid to expedite the integration of its recent network acquisitions.

The company will also consolidate data centers and other facilities and reassign some employees. Concord, a provider of electronic transaction authorization, processing, settlement and funds transfer services, will take a $75 million to $90 million charge in the first quarter as a result of the moves.

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Shares of Concord fell 88 cents, or 1.9%, to $44.88 in recent


trading. The company

will be added to the

Standard & Poor's 500

index after the close of trading Friday.