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| Wachovia Corp. continued to execute its plan to eliminate as many as 5,000 mortgage-related jobs. The latest casualties are in Florida.
The banking giant is laying off 69 employees in Boynton Beach, Fla., a Worker Adjustment and Retraining Notification Notice filed with Florida’s Agency for Workforce Innovation yesterday said. The layoffs will be completed by Nov. 12. In addition, another filing with the state indicated Wachovia is laying off 57 employees in Tampa. Those job cuts will also be completed by Nov. 12. Employers are required by federal law to file WARN notices at least 60 days before they plan to layoff 50 or more employees. The positions are being cut from the appraisal group, spokesman Don Vecchiarello told MortgageDaily.com. The decision was made to eliminate the jobs because portfolio volume has fallen as a result of the Charlotte, N.C.-based company’s decision to eliminate of negative amortization loans. In July, Wachovia disclosed plans to eliminate 10,750 positions company-wide. It subsequently raised that number to 11,350. Vecchiarello noted that the planned reduction in headcount includes 4,500 to 5,000 mortgage-related jobs. Last month, 80 Pennsylvania employees were laid off. |
| Date Reported | Location | Number |
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Bensalem, Penn.
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80
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| Aug. 12, 2008 | national | -11,350 |
| Aug. 11, 2008 | primarily Midwest | -125 |
| July 21, 2008 | national wholesale | unknown |
| April 14, 2008 | national | -1,500 |
| Jan. 7, 2008 | California | -120 |
| Jan. 3, 2008 | San Antonio, Texas | -160 |
| May 14, 2007 | San Leandro, Calif. | -101 |
| April 2, 2007 | San Antonio, Texas | +522 |
| Feb. 14, 2007 | national | +50 |
| Nov. 28, 2006 | Waterbury, Conn. | -74 |
| March 8, 2006 | national | +750 |
| Feb. 23, 2005 | national | +300 |
