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Sovereign Bank To Layoff 100+ Mass. Workers

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Dec 19, 2008 1:57 pm US/Eastern

Sovereign Bank To Layoff 100+ Mass. Workers

BOSTON (WBZ) ―

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Sovereign Bank announced on Friday it is cutting 1,000 jobs in an effort to reduce costs amid the economic downturn.

The layoffs will affect 131 employees of all positions here in Massachusetts.

The cuts will be made during the last weeks of 2008 and into 2009.

The decision to cut jobs comes as Sovereign Bancorp is selling the remaining stake in itself to Spanish bank Banco Santander SA. Santander is buying the remaining roughly 75 percent stake it does not already own in Sovereign. The deal, announced in October, originally valued the remaining stake in Sovereign for $1.9 billion, or about $3.81 per share.

The sale is expected to close during the first quarter.