Robert K. Steel, President and CEO of Wachovia said “I want to personally thank Tom for his many contributions to Wachovia.” He also added “Tom has been a professional partner and colleague and we are grateful for all he has done for the company.”

Wurtz said “I’m honored that I had the privilege to serve Wachovia as CFO for the past two and half years and as Treasurer for seven years. Wachovia is an excellent company with a very bright future. In the past few weeks, I have enjoyed working with Bob. His strong leadership will help the company build on its core strengths and emerge successfully from the current environment.”

Wachovia have assets of 812.4 billion and market capitalization of $33.5 billion, as of June 30 2008. Read more news on Wachovia.

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The bank did make a statement saying “Some roles will move offshore and colleagues will have the opportunity to apply for these roles and relocate.”

Barclays have said that they will try to reduce the headcount by reducing the number of contractors that they employ.

When they have to deal with permanent staff, Barclays will be working together with Unite, where they will offer staff support, as well as try to find them another role, this could be at Barclays or externally.

There is nothing worse than shifting things like IT services overseas, I feel that if Barclays do this, they are then letting their customers down.

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Both firms will be cutting 40 percent of their workforce, the current credit crunch which has affected the sale of new homes, along with mortgages being more expensive were to blame for the job cuts.
Bovis Homes will be cutting 400 office and site based jobs, while Redrow will be shedding 850 staff, these cost cutting measures are hoped to help both housebuilding companies to survive this current downturn in the housing market.

Bovis has said that the market for selling new homes is the worst that they have seen in years; Redrow has said that this sharp decline is unprecedented. Bovis have said that their sales for completion are down by 32 percent from the end of June.

Bovis are making a number of changes in the hope of cutting costs, one such change is the closing of one office and the other is by merging a number of their key functions in both the central and northern region. Redrow are also making a few changes, one of which is by closing 10 offices.

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These job cuts will be done over the next few months, these cuts are hoped to reduce their operating expenses by 60 percent, and these cuts are on top of the 2,700 cuts that the lender already made earlier this year.

As of now IndyMac are no longer accepting most retail and wholesale mortgage applications, however they will honor rate-locked loan commitments. The lender is now focusing on their mortgage servicing unit along with their 33-branch southern California thrift, which has $18 billion of deposits; IndyMac will also focus on their Financial Freedom reverse mortgage unit.

IndyMac are a shadow of their former selves, they once was one of the fastest growing mortgage lenders in the U.S. as they specialized in “Alt-A” home loans, these mortgages were perfect for those who could not document income or assets.

IndyMac shares are down 98 percent from last year and things look set to get worse, they expect their second-quarter loss to be greater than $184.2 million. Perry has asked IndyMac’s board to halve his base salary, but that will not be any comfort to one of those 3,800 people who work for IndyMac.

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