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« Hard drive full of Station fire evidence released / Photo | Today | Pats' Brady, actress end relationship » December 15, 2006Sovereign to eliminate 800 jobs, including 21 in R.I.Sovereign Bancorp said this morning it would eliminate 800 positions, or about 7 percent of its workforce, mostly through layoffs. In Rhode Island, the bank said that 21 of its 928 employees would by laid off, and in Massachusetts, 77 employees will lose their jobs out of 3,382 employees in that state. Sovereign, based in Pennsylvania, the third-largest bank in the Rhode Island market, employs about 12,000. The layoffs, which began today, are part of a $100-million cost reduction program, the company said. The affected positions are mostly corporate and back office functions, the bank said in a statement. Some of the job cuts will be achieved through attrition, the company said. "The decision to reduce our workforce was a very difficult one to make, especially during the holiday season," said Joseph P. Campanelli, president and CEO of Sovereign Bancorp. "There is never a good time to take these actions. We pledged to aggressively improve our business fundamentals and to openly communicate our decisions promptly. These steps are consistent with that pledge." Today's announcement followed a decision by the company in October to cancel the annual holiday parties usually held at about 30 company locations throughout its footprint in order to save money. Posted by Tim Barmann CommentsPost a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006