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Wachovia to Eliminate More Than 10,000 Jobs

Full-time employees, open positions and contractors being cut

July 22, 2008

By MortgageDaily.com staff

Job losses at Wachovia Corp., which today reported a massive loss, are expected to exceed 10,000.

In its second-quarter earnings report today, Wachovia said it launched an expense-reduction effort early last month that is expected to save the bank $1.5 billion next year, including around $0.2 billion in mortgage-related expenses.

Among the cost cuts was a reduction in the number of employees. The company said it would eliminate 6,350 full-time employees and 4,400 open positions and contractors. The employment cuts are expected to yield around $600 million in expense savings next year.

While it is not clear how many of the job cuts will be in mortgage operations, a 37 percent decline in mortgage originations since last year combined with the abandonment of the wholesale lending unit reported yesterday and the elimination of some option-ARM programs last month suggest the share will be significant.

A spokesman yesterday was unable to provide the number of employees who were impacted by the closing of the broker channel.

But an announcement today from the company indicated that around 1,000 origination employees are being redeployed to assist borrowers in refinancing and restructuring pick-a-pay mortgages.

Wachovia employed 119,952 full-time employees as of June 30, down from 120,378 three months earlier.

In December, Wachovia laid off 120 employees at its San Leandro, Calif., though 55 of those employees were rehired for retail and wholesale mortgage sales jobs. About 160 of 243 Texas job cuts in September were mortgage-related.

The Charlotte, N.C.-based company reported today an $8.9 billion second-quarter loss.

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