Sovereign Bank is laying off 950 workers

Sovereign Bank said it plans to eliminate 950 jobs, including 265 in Massachusetts, amid pressure from its Spanish parent to cut expenses amid the recession.

The job cuts total nearly 9 percent of Sovereign's work force of about 11,000 and are spread across all business lines, the company said in a statement. Sovereign, the third-largest bank in Massachusetts, told employees late Thursday of the plan, which will be implemented "immediately."

"We are attempting to make the transition as smooth as possible for affected team members,'' Sovereign's statement said.

Sovereign is owned by Banco Santander of Madrid.
(By Beth Healy, Globe staff)