Citing economic downturn, Sovereign Bank lays off 950 months after cutting 1,000

Sovereign Bank officials say they'll cut 950 jobs, or almost 9% of its work force, as part of cost-saving measures in response to the economic downturn. The cuts come just a few months after Philadelphia-based Sovereign Bank, banking unit of Sovereign Bancorp Inc., laid off 1,000 workers in Dec. The company posted losses of $1.3 billion in 2007 & $2.3 billion 2008. Spanish bank Banco Santander SA completed its acquisition of Sovereign Bancorp in January.