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Thursday, January 29, 2009
Advanta to cut 300 jobs, trim dividend as card losses mount

Advanta Corp. will cut 300 jobs this year, and reduce its dividend. The company employed 914 at year-end 2007 but has been cutting costs since then. The Spring House, Montgomery County lender, which had been planning a new $50 million headquarters just last fall, is bracing for losses of more than 20% on its shrinking portfolio of business credit card loans. Announcement here.

Posted by Joseph N. DiStefano @ 9:05 AM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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