As the unemployment rate continues to rise throughout the US, many residents will be disappointed to hear that Wachovia Corp. is downsizing. Wachovia will eliminate mortgage offices in 19 states. This will eliminate 600 full-time mortgage-related jobs.

On July 22, Wachovia announced that it had a second-quarter loss of $8.9 billion. In addition to eliminating 6,350 employees, it also plans to eliminate 4,400 job openings and contract jobs.

As part of the turnaround plan, Wachovia plans to depart from the wholesale mortgage market and save $1.5 billion by 2009.

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