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Wachovia Job Cuts Grow

Total planned cuts raised to 11,350

August 12, 2008

By MortgageDaily.com staff


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.


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