Wachovia to cut 600 additional jobs
The bank now plans to ax 6,950 jobs — 600 more than it planned to cut — or about 5.8% of the total work force.
Wachovia Corp. of Charlotte, N.C., has revised its losses for the second quarter of 2008 downward to $9.11 billion and will cut jobs in order to meet requirements stemming from a settlement in an auction rate securities probe.
The losses, which were revised downward in a filing yesterday, were to $4.31 per share, from $4.20 per share, or $8.86 billion.
The bank now plans to ax 6,950 jobs — 600 more than it planned to cut, according to Wachovia spokeswoman Christy Phillips-Brown.
The cuts will amount to about 5.8% of the total Wachovia work force.
Additionally, the company plans to eliminate 4,400 open positions.
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