National City Bank cuts another 1,200 jobs

[OhioChick]

Source: The Plain Dealer

Thursday, October 25, 2007

National City Corp. has cut nearly twice as many jobs as expected, and its third-quarter profit dropped by nearly 80 percent, the Cleveland bank said Wednesday.

The nation's 11th-largest bank has eliminated a total of 2,500 jobs nationwide, or about 8 percent of its work force. In the past couple of months, National City had announced 1,300 of those layoffs, nearly all of them in the hemorrhaging mortgage market.

Peter Raskind, the company's president and chief executive, declined to say how many of the 1,200 new cuts are local. He said, however, that the company does not have to file a Worker Adjustment Retraining Notification Act disclosure with any state. The federal WARN law requires a company to file a notice with the state anytime 50 or more employees will lose their jobs during any 30-day period at a single site of employment. National City employs about 6,000 in Cuyahoga County.

The additional 1,200 jobs eliminated are nationwide, and 400 of them are in the mortgage business. The remaining 800 are predominantly support positions or jobs that don't produce revenue.

EDITED TO CORRECT HEADLINE

Read more: http://www.cleveland.com/business/plaindealer/index.ssf?/base/business-4/119330545960930.xml&coll=2

[SpiralHawk]

1. "Our thanks to the republicons for thier brilliant economic plan." - Bank president

"Yesssireee - the republicons are real 'conservative' financial wizes, and can proudly claim FULL CRONY CREDIT for this evolving recession, which will eliminate hordes of pesky Little People*"

- Bank President


* Formerly known as citizens of the United States of America

[groovedaddy]

2. Your subject line has 12,000 where as the article says 1,200

XXX)))

[OhioChick]

6. The Plain Dealer

must've made a typo......it said 12,000 when I initially posted it. :shrug:

[whistle]

3. I wonder if anyone is tracking the total financial and real estate services jobs

...which have been lost during the past 12 months due to the real estate bubble crash? I doubt if BushCo will disclose the truth about these jobs losses until we get very near the end of shrub's* term.

[EnviroBat]

4. Jesus Crimany! They hold my mortgage!

I hope they don't sell it off, but it's probably already in the works. I've trusted them as a bank now for many years. This shit is getting disgusting.

[Algorem]

5. 80% drop in profits? 11th largest U.S. bank?

Huh?

Highest foreclosure rate since the Great Depression.What?