Wachovia is trimming staff in San Antonio by more than 200 by end of September
January 3, 2008
Wachovia Corp. is trimming its San Antonio staff by more than 200 people by the end of September. The Charlotte, N.C.-based banking company notified the state Dec. 21 that it planned to lay off 243 people at its Wiseman Boulevard operations center. At least 42 of those cuts happened in August when it cut workers who service mortgage loans.
Those employees handled calls from World Savings customers. Wachovia bought World Savings’ parent, Golden West Financial Corp., last year.
The layoffs cover a range of responsibilities at the operations center, which will have 3,300 employees after all the affected workers are gone, spokesman Don Vecchiarello said.
“It’s a combination of a variety of things from the merger integrations and the current economic climate and the difficulties in the mortgage market,” Vecchiarello said of the job cuts.
Each laid-off worker will get “severance pay, payment for eligible but unused time off, the ability to continue health-care benefits and career transition services” to help with job searches inside and outside the company, according to a letter Wachovia filed with the Texas Workforce Commission.
Vecchiarello said he did not know how many of the 243 employees, other than the first 42, already have been laid off. He also said their termination dates will vary, though all 243 will be gone by Sept. 30, 2008, according to the letter. Wachovia isn’t the only banking company cutting San Antonio jobs.
In December, Washington Mutual Inc. announced it was cutting 173 jobs in San Antonio by Jan. 31 to cope with losses in the mortgage and credit markets. WaMu employs 1,900 people in San Antonio, including 1,700 at an operations center in Stone Oak.
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