Projo Biz Blog

Sovereign Bank said this morning it will eliminate 1,000 jobs throughout the company, including 30 jobs in Rhode Island and 131 in Massachusetts.

The announcement follows a comprehensive examination of the company's 2009 budget, the company said.

Philadelphia-based Sovereign is being bought by Banco Santander SA of Spain.

"Over the last several months, we conducted a thorough review of our projected 2009 budget in an effort to reduce our costs and become a more efficient bank," said Kirk Walters, Sovereign Bancorp chief financial officer and acting chief executive officer, in a statement.

The reductions will take place beginning this quarter and continuing throughout 2009, the company said. The cuts are across all types of jobs across the company, said Andrew P. Gully, a spokesman for Sovereign.

The number of branches will remain the same. Currently, Sovereign employs 960 in Rhode Island and 3,379 in Massachusetts, Gully said. The bank has 32 branches in Rhode Island and 234 in Massachusetts.

"The decision to reduce our workforce was a very difficult one, especially during the holiday season," said Walters. "There is never a good time to reduce staff, but this step is necessary, particularly during this economic environment. We are working to make the transition from the bank as smooth as possible for all affected team members."

 Tags  Banco Santander Sovereign

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