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Sovereign Cutting Another 950 Jobs
Sovereign Bank officials say they will cut 950 jobs, or almost 9% of its work force, as part of cost-saving measures in response to the economic downturn, reports the Layoff Tracker blog. The cuts come just a few months after Philadelphia-based Sovereign Bank, the banking unit of Sovereign Bancorp Inc., laid off 1,000 workers in December.
Other financial services companies announcing job cuts in recent days are GE Money, Principle Financial Group, UBS, and IndyMac Bancorp.
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