Wachovia has cut 20 positions in the fixed-income division of its corporate and investment bank.

The layoffs follow the elimination of 40 positions last week in Wachovia's Vertice mortgage unit, also a part of its investment-banking division.

In late October, Wachovia (NYSE: WB) said it would cut 110 jobs in Charlotte as part of its plans to reduce its investment-banking division staff by 200. The unit had about 6,300 employees. The cuts will occur at offices around the globe.

The Charlotte-based bank's third-quarter earnings fell 10 percent to $1.69 billion, or 89 cents per share. About $1.3 billion in write-downs, higher loan-loss provisions and a drop in corporate and investment-banking revenue contributed to the decline.

Wachovia's corporate and investment bank earned $105 million, down from $533 million in the third quarter of last year.

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