Sovereign Bank cuts 1,000 jobs
According to Reuters: “Sovereign Bancorp Inc, a Northeast U.S. bank set to be bought next year by largest shareholder Santander, on Friday said it is cutting about 1,000 jobs to trim costs.”
“Financial companies have announced more than 250,000 job cuts this year, according to outplacement firm Challenger, Gray & Christmas Inc. Bank of America Corp last week said it plans to eliminate 30,000 to 35,000 jobs over three years, as it prepares for slowing business activity and its purchase of Merrill Lynch & Co Inc.”
