Sovereign Bank laying off 950 workers

PHILADELPHIA — Sovereign Bank officials say they will cut 950 jobs, or almost 9 percent 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, the banking unit of Sovereign Bancorp Inc., laid off 1,000 workers in December.

The company posted losses of $1.3 billion in 2007 and $2.3 billion 2008.

Spanish bank Banco Santander SA completed its acquisition of Sovereign Bancorp in January.