Bad Economy Affects CT Banks and Workers Jobs

The struggling economy is squeezing the Connecticut job market.

Wachovia has announced it is closing a mortgage processing center in Waterbury, eliminating 65 jobs.  The bank plans to shut down its retail mortgage processing operation at the end of February. 

A spokeswoman for the company says affected employees will be given severance pay and offered career counseling and job search assistance.  The company says it's closing the center because of a downturn in the mortgage industry and an overall weak economy.
It comes at the same time as Sovereign Bank, the fourth largest in the state, announced it is cutting jobs.  Sixty positions will be
eliminated and about 20 of them are in Rocky Hill. 

Loan offers will also take a hit: The bank says it will stop making auto loans through dealerships.  A Sovereign spokesperson says it notified dealerships of the changes.  However it still plans to offer auto loans directly to customers at its branches.

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