Wachovia to cut 600 more jobs than earlier planned

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Wachovia to cut 600 more jobs than earlier planned

Story Published: Aug 12, 2008 at 8:45 AM EDT

Story Updated: Aug 12, 2008 at 8:45 AM EDT

(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,
including 6,950 active employees and 4,400 open 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.)

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