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Article: Sovereign to lay off 365 in cost-cutting: The Philadelphia area will lose 17 jobs; vacant posts will go unfilled. The bank hopes to save $100 million in payroll.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- December 16, 2006
CopyrightCOPYRIGHT 2006 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joseph N. DiStefano
Dec. 16--Sovereign Bancorp Inc. is eliminating 365 of its 12,000 jobs, including 17 in the Philadelphia area, and plans to let hundreds of vacant positions go unfilled as part of a cost-cutting campaign.
The bank, based in Wyomissing, Pa., near Reading, hopes to shave $100 million from its yearly payroll and other costs, chief executive officer Joseph P. Campanelli said in a written statement. Locally, the job reductions are being spread among Sovereign facilities, spokesman Ed Shultz said. Before the cuts, Sovereign counted 837 workers at six office centers and 77 branches in Philadelphia and its suburbs. The bank is ...