Wachovia Bank has announced it will lay off another 600 full time position which is additional to the 6,350 it announced last month. Primary layoffs will be on the mortgage side of the house as Wachovia tries to cut some $1.5 billion in cost by next year. This move is part of Wachovia’s cost savings as it exits the wholesale mortgage market. Of course you don’t cut 7,000 jobs in one part of the business without also cutting support jobs so Wachovia will also be cutting some 4,400 other positions mainly from it pool of outsourced workers as well as supporting jobs as they also close mortgage offices in 19 states.

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This entry was posted on Tuesday, August 12th, 2008 at 8:55 am and is filed under Business News, Triad News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.