The 22nd largest US bank, Sovereign Bank, has announced it will cut 1,000 jobs by the end of 2009 starting Q4 2008 after the company completed a review of projected expenses. Sovereign Bank Acting Chief CEO Kirk Walters said the company reviewed expenses to reduce costs and remain competitive in this tuff economic climate. He went on to say “the decision to reduce our workforce was a very difficult one, especially during the holiday season,” Sovereign bank was recently acquired by Spain’s Santander after the Sovereign stock plunged in 2008.