Saturday, May 30, 2015

Sovereign Bank to cut 1,000 of 12,000 workers

Sovereign Bank to cut 1,000 of 12,000 workers

Sovereign Bank to cut 1,000 of 12,000 workers

Specialist Arthur Andrews, foreground, works at his post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)
Specialist Arthur Andrews, foreground, works at his post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

Sovereign Bancorp will cut 1,000 of its 12,000 jobs over the next year, the bank confirmed today. Release here.

PhillyDeals reported earlier that Sovereign workers had been warned of impending layoffs. No word on where the cuts will fall heaviest. Sovereign's main office center is in Reading, its trading room is in Center City Philadelphia, but workers are scattered in offices from here to New England, and top executives are based in Boston. Sovereign is being acquired by Banco Santander of Spain, which cut almost 2,000 in its British operations last week.

UPDATE: Sovereign has been pulling back from its auto dealer finance business. The Boston Herald reported this last month; today we heard from a Philadelphia investor who says it's happening here too, and he hopes PNC and others can pick up the slack, cause it's tough enough selling cars these days.  When we checked Sovereign's Auto Dealer Financial Services page, which was still working last week, we found it down today. Check here.

About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano