Printed from the Charlotte Observer -
Posted: Monday, Aug. 11, 2008

Wachovia cutting 600 more mortgage jobs

By Rick Rothacker
Published in: Banking

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Wachovia Corp. said in a filing today that it is cutting 600 more jobs as part of an effort to reduce costs.

The Charlotte bank said it will eliminate 6,950 positions companywide, up from 6,350 announced last month. Spokeswoman Christy-Phillips Brown said the additional cuts are in the mortgage business, which previously had been set to absorb 4,400 of the reductions.

Wachovia also plans to eliminate 4,400 open positions, as previously announced.

The bank is slashing mortgage positions in the face of slowing business and ballooning loan losses. The bank made an ill-timed expansion into the mortgage business by buying Golden West Financial Corp. in 2006 at the peak of the housing boom. The board ousted chief executive Ken Thompson amid rising losses in June and installed new CEO Bob Steel six weeks later.

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