Sovereign cutting 7 percent of work force (800 Jobs)

[OhioChick]

Philadelphia Business Journal - 11:55 AM EST Friday

Sovereign Bancorp Inc. said Friday that its board approved roughly $100 million in cuts, including 7 percent of the work force, or 800 jobs.

Sovereign (NYSE:SOV), parent company of Sovereign Bank, said the majority of the job cuts will occur by the end of the year, with the remainder occurring throughout 2007, primarily through attrition. In Greater Philadelphia, 17 of 837 positions will be eliminated, a spokeswoman said.

The bank said the cuts will be mostly in back office and corporate staff functions. Affected employees will receive "enhanced" severance packages, Sovereign said in a release, which include outplacement services and extended benefits coverage. The job cuts will generate about half of the $100 million plan, the bank said.

"The decision to reduce our work force was a very difficult one to make, especially during the holiday season," said Joseph P. Campanelli, Sovereign's president and CEO. "There is never a good time to take these actions. We pledged to aggressively improve our business fundamentals and to openly communicate our decisions promptly. These steps are consistent with that pledge."

http://sanantonio.bizjournals.com/philadelphia/stories/2006/12/11/daily46.html

[orpupilofnature57]

1. Shrubs 'Ownership Economy' Where you keep more of Your money, remember?

[acmejack]

2. People in his "Base" are keeping more of THEIR money!

If you are a Pioneer or a Ranger (and not an former Enron Executive) these are terrific times!

[phusion]

3. Merry fucking christmas. n/t

[Lipton64]

4. Yeah, more professional jobs destroyed.....

and yet Dubya still has the nerve to comment about his crap job creation ratings. Apparently it doesn't occur to his small brain that a construction job or a job unloading trucks at a department store doesn't equal the pay or benefits of a better paying professional job - all of which are being destroyed day by day in this country.