Wachovia Corp. has increased to 11,350 the number of jobs it plans to eliminate.
The Charlotte, N.C.-based bank had announced last month that it would eliminate 6,350 full-time employees and 4,400 open positions and contractors. The cuts were estimated to reduced expenses by around $600 million next year.
But on Monday, Wachovia said in a filing with the Securities and Exchange Commission that the number of full-time job cuts would be increased to 6,950 active employees -- an increase of 600 from last month's announcement.
The additional cuts are expected to help lower expenses by $1.5 billion next year, the filing said.
As part of the planned job cuts, Wachovia told MortgageDaily.com Friday it was shutting down retail mortgage operations in 19 states -- resulting in around 125 layoffs involving loan originators, managers and other related personnel.