Sovereign Bancorp cutting 1,000 jobs

Full story: The Morning Call

Sovereign Bank, the banking unit of Sovereign Bancorp Inc. , said Friday it is cutting 1,000 jobs, or 8.3 percent of its work force, in an effort to reduce costs amid the economic downturn.
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1 - 14 of 14 Comments Last updated Dec 20, 2008
David J Bhaltazhar Esq

AOL

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#1
Dec 19, 2008
 
This is a terrible shame.
Dick

Bethlehem, PA

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#2
Dec 19, 2008
 
If a company can make 1$. The company must cut corporate staffing and figure heads and relinquish all authority to lower personnel and/or sub contractors performing service for that organization.

The new American justice program has just begun.
wow

United States

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#3
Dec 19, 2008
 
What they don't mention is that Banco Santander, Sovereign's buyer, just lost a fortune in the Bernie Madoff scandal... Hmm, that couldn't have anything to do with this, could it?
Jim

Bethlehem, PA

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#4
Dec 19, 2008
 
wow wrote:
What they don't mention is that Banco Santander, Sovereign's buyer, just lost a fortune in the Bernie Madoff scandal... Hmm, that couldn't have anything to do with this, could it?
NO. The impact of that will be felt later.

“Reality is subjective”

Since: Aug 08

Allentown, PA

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#5
Dec 19, 2008
 
Another job app down the tubes.... nuts!

“Reality is subjective”

Since: Aug 08

Allentown, PA

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#6
Dec 19, 2008
 

Judged:

1

1

A law should be passed that before any jobs are lost, CEO's must realign their salary and bonus NOT to exceed 20 times that of the lowest paid person in the company. All funds they "save" are to be redirected INTO the company to save jobs. They also must turn in private jets, cars, and other PERKS which COST their company money and could mean jobs. The CMO is responcible for the health of the company and if they're losing jobs, the health of the company isn't good. Upper management should be held accountable through a reduction of salaries, bonus and perks when they fail rather than have a golden parachute that rewards stupidity and incompetance.
zzzzzzzzz

Newington, CT

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#7
Dec 19, 2008
 
wow wrote:
What they don't mention is that Banco Santander, Sovereign's buyer, just lost a fortune in the Bernie Madoff scandal... Hmm, that couldn't have anything to do with this, could it?
My first thought.(Mi primer pensamiento).

Have a relative who works for Sovereign in Philly. Have to hold my breath on this one.
Jimmy The Greek

Marstons Mills, MA

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#8
Dec 19, 2008
 
stevej61 wrote:
A law should be passed that before any jobs are lost, CEO's must realign their salary and bonus NOT to exceed 20 times that of the lowest paid person in the company.
And no pro athlete or coach should make more than $100,000 a year unless their team goes to the playoffs. But guess what? It ain't never gonna happen.
joe poli

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#10
Dec 19, 2008
 
Dick or four **** said: "If a company can make 1$. The company must cut corporate staffing and figure heads and relinquish all authority to lower personnel and/or sub contractors performing service for that organization.
The new American justice program has just begun."

So, clerks, secretaries, technicians, etc. who work in a corporate office should be laid off? Then control of the company whould be handed over to to guys without high school diplomas who work on the loading dock? Smart move! Not only will the buildings be stripped bare the company will fail within 5 minutes because the collective IQs of the survivors does not exceed 100.

Keep drinking that kool aid.
ponzi

Cedar Hill, TX

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#11
Dec 19, 2008
 
yeah yeah another ceo looking at a way to ensure her/his bonus
Geo

Gatesville, TX

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#12
Dec 19, 2008
 
Looks like its time to start taking the money out of the bank and stuffed it in the mattress.
FU Too

Summerville, SC

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#13
Dec 19, 2008
 

Judged:

1

Twas the night before layoffs and all through the office not a person was working not even a janitor. The stocks were falling due to poor CEO care. We hope that St. obama soon will be there. The workers were thrown out on their heads while CEO's dream from their caribean beds.

“Reality is subjective”

Since: Aug 08

Allentown, PA

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#14
Dec 20, 2008
 
Jimmy The Greek wrote:
<quoted text>
And no pro athlete or coach should make more than $100,000 a year unless their team goes to the playoffs. But guess what? It ain't never gonna happen.
Well, I'd have to agree with that one too. AND if the team doesn't make it... the coach buys the beer.
David

Allentown, PA

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#15
Dec 20, 2008
 
Really makes you think........

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