Sovereign Bank (SOV) Will Cut 1,000 Positions
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Sovereign Bank (NYSE: SOV) announced that its management team has completed a comprehensive examination of the company's 2009 budget. Consistent with management's recommendations, the company approved initiatives to reduce costs and increase the bank's efficiency, including the reduction of approximately 1,000 positions.
The reductions will take place across the company beginning in the fourth quarter of 2008 and continuing throughout 2009.
"The decision to reduce our workforce was a very difficult one, especially during the holiday season," said Walters. "There is never a good time to reduce staff, but this step is necessary, particularly during this economic environment. We are working to make the transition from the bank as smooth as possible for all affected team members."
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Sovereign Bancorp is a financial institution with principal markets in the Northeastern United States.
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