Sunday, July 13, 2014
Inquirer Daily News

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 raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

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

Joseph N. DiStefano
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