Wachovia to cut 600 more jobs than earlier planned
(AP) - Wachovia says it plans to cut 600 more jobs than it previously expected as it works to reduce expenses in the face of staggering losses tied to mortgage debt. The bank's quarterly filing with the Securities and Exchange Commission says it now expects to eliminate 11,350 positions, Last month, upon reporting a second-quarter loss of nearly $9 billion, the Charlotte-based bank said it planned to eliminate 10,750 positions, including 6,350 active employees. The bank says a majority of the cuts are expected to come from the mortgage area. Shares rose 28 cents to close at $18.21. (Copyright 2008 by The Associated Press. All Rights Reserved.) The following comments do not necessarily represent the views of NBC Augusta 26 | news, weather, sports, community, entertainment, shopping for Augusta, Georgia. Users have agreed to these terms and in doing so accept full responsibility for their comments. Moderation is limited. Hide commentsMost PopularMore Good Stuff |
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