SOVEREIGN BANK TO CUT 1,000 JOBS : WFMZ-TV 69News

Full story: WFMZ 20
Berks County-based Sovereign Bank will cut 1,000 jobs as part of its efforts to reduce costs and increase the bank's efficiency, according to a news release issued by the company today. Full Story
no bailout

Allentown, PA

#1 Dec 19, 2008
Did'nt these bankers just get a chunk of that bailout money?
Anon

Bryn Mawr, PA

#2 Dec 19, 2008
No, Sovereign did not get any funds from the Federal Bailout plan. Maybe they should've asked for some, huh?
Pfft

United States

#3 Dec 19, 2008
Maybe they should have taken Sidhu up on his $6 billion offer instead of the $2 billion Santandar ponied up ... maye they would be hiring 1,000 instead of laying off.
WOW

Bryn Mawr, PA

#4 Dec 19, 2008
isnt this somethin...sry collections!!
Again

Conshohocken, PA

#5 Dec 19, 2008
They did the same thing 2 years ago. Also a week before Christmas!!!
More service Jobs

Greensboro, NC

#6 Dec 19, 2008
Good reason to have UNIONS.The good old buddy system is going to work right now for the unlucky 1,000.
More service Jobs

Greensboro, NC

#7 Dec 19, 2008
HOW MANY OF THESE JOBS ARE GOING TO INDIA.
Ken

Cape May, NJ

#8 Dec 19, 2008
And how many of these jobs are management ? As always, I would bet that 90% of the jobs are low end, low paying positions that people really need to make ends meet.
Ex-Sovereign Employee

Wilmington, DE

#9 Dec 19, 2008
I was laid off back in Jan 2007. We were the lucky ones! We got great packages. Myself and others that were let go at same time were a mix of higher-paid and seasoned employees. It was all favoritism because if you were not in a "clique" or kissed your Boss's Butt you were gone, it was all about power trips. They were told they had to pick people to go in each department. Unfortunately, I saw so much poor management there, which is why I was thrilled to be laid-off. This time, the managers should be on the chopping block and not the workers who actually produced some work! My manager was never in the office, got special treatment and did next to nothing all day but talked on the phone all day to their spouse and email projects to their staff.
Anon

Allentown, PA

#10 Dec 19, 2008
More service Jobs wrote:
Good reason to have UNIONS.The good old buddy system is going to work right now for the unlucky 1,000.
Oh, yeah. The unions really helped the US car industry. Unions were needed when there were REAL employer abuses and unsafe working conditions present. I am an ex-teachers' union member. I dropped out because my money was being used to file grievances about petty things, and because the union did NOTHING for us.
Sooner or later, unions have to realize that they cause more harm than good.
More service Jobs

Greensboro, NC

#11 Dec 19, 2008
Anon wrote:
<quoted text>
Oh, yeah. The unions really helped the US car industry. Unions were needed when there were REAL employer abuses and unsafe working conditions present. I am an ex-teachers' union member. I dropped out because my money was being used to file grievances about petty things, and because the union did NOTHING for us.
Sooner or later, unions have to realize that they cause more harm than good.
You must be A real dope.
mega man

Brooklyn, NY

#12 Dec 19, 2008
First
Anon

Fairport, NY

#13 Dec 19, 2008
More service Jobs wrote:
<quoted text>You must be A real dope.
Unions do no good, and that is part of the reason why the economy is so poor. People are stupid to think unions help them.....in the 1940's/50's perhaps they were needed, but not with the laws we have now. The unions will also not let you believe this....just look at the idiots who run them....
carl

Rahway, NJ

#14 Dec 19, 2008
How lame is this bank. Christmas so close and they cant wait a few weeks. wow would put them under i guess. What I do know is I wont deal with them.
More service Jobs

Greensboro, NC

#15 Dec 19, 2008
Anon wrote:
<quoted text>
Unions do no good, and that is part of the reason why the economy is so poor. People are stupid to think unions help them.....in the 1940's/50's perhaps they were needed, but not with the laws we have now. The unions will also not let you believe this....just look at the idiots who run them....
Go to Wilkipedia and read the article on the cause of the great Depression.
Cat

Delta, PA

#17 Dec 20, 2008
The bail out money is only for "healthy" banks. It is not for the banks already in jeoprady. This will give more capital to a "healthy" bank to loan and possibly aquire a bank in jeoprady.
Mike

Sellersville, PA

#18 Dec 20, 2008
Anon wrote:
<quoted text>
Unions do no good, and that is part of the reason why the economy is so poor. People are stupid to think unions help them.....in the 1940's/50's perhaps they were needed, but not with the laws we have now. The unions will also not let you believe this....just look at the idiots who run them....
Amen you are 100% right just look what the unions did for the employees at Dana. Nothing! They helped the employees lose their jobs all the union wants is your money. Unions are a joke and in a couple of months when the UAW does not give in the big 3 car manufacturing will fold this bail out is just slowing the process.
John

Basking Ridge, NJ

#19 Dec 22, 2008
Ouch

Those job losses gotta hurt!
most know unknow

United States

#21 Dec 22, 2008
thats why people ROB shit cause the keep closein shit down happy holadays hand me the cash please
Bernie Made Off

Freehold, NJ

#22 Dec 22, 2008
What about me and all the cash I Made-off with from those sucker "investors"?

LOL

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