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Providian Announces Job Cuts

San Francisco-based Providian Financial said today it will cut another 800 jobs by the middle of the month to improve efficiency.

The move means the troubled credit card issuer is losing six percent of its workforce.

CEO Joseph Saunders said in a message to the company´s 12,500 employees that the moves are being taken to restore investor confidence and rebuild the value of the company to stockholders.