Wachovia job cuts to affect Jacksonville

Some of the more than 10,000 jobs that Wachovia Corp. plans to cut will be in Jacksonville, but it's too early to tell how many. Some displacements in Northeast Florida are expected, said Kathy Harrison, corporate communication manager for the state.

Wachovia (NYSE: WB) reported a second quarter net loss of $8.9 billion Tuesday, a quarterly common stock dividend cut and a layoff of 10,750 positions as part of a turnaround plan launched in June.

About 6,350 of the positions are active and the rest are open positions that won't be filled. The bank hopes to save $1.5 billion by 2009 through this expense-cutting initiative.

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Wachovia Bank is the second largest bank with 22.6 percent deposit market share and $6.6 billion in local deposits in Northeast Florida as of July 30, 2007, the most recent FDIC deposit market share report.