Another point of contention is longevity pay, which would increase by more than $800,000 a year, beginning in 2003, under the proposed contract, because of a provision crediting time served in other departments toward eligibility for such pay.
The compromise: make the Sideletter letter apply to all new media (such as cell phones), add a provision requiring credit parity (require that the writer get credit on-screen if the director or actors do), and make the Sideletter mandatory.
In the quarter, Wachovia recorded a provision for credit losses of $408 million, up from $108 million, reflecting a deterioration in credit quality, a more uncertain credit environment and loan growth.
The bank's provision for credit losses declined 24 percent from the same period a year ago.
The European Payments Union also contained a plan for the provision of credit to European debtors.
The provision for credit losses was $280 million, down from $823 million a year earlier.
Bank of America's provision for credit losses in the fourth quarter was $1.21 billion, compared with $350 million a year earlier.
PNC increased its provision for credit losses by about $45 million, mostly to cover loans on residential real estate.
In a sign that its consumer-loan portfolio is still struggling, BofA raised its provision for credit losses to $10.1 billion in the quarter from a year earlier.
The bank's provision for credit losses was cut nearly in half, to $2.99 billion in the fourth quarter from $5.91 billion a year earlier.
