Posted AT 9:26 AM EST on 21/10/08
National City to cut 4,000 jobs, posts loss
NEW YORK — National City Corp., a Midwest regional bank hard hit by the credit crisis, on Tuesday announced plans to slash 4,000 jobs and said rising reserves for soured mortgage and real estate construction loans led to its fifth straight quarterly loss.
The job cuts amount to 14 per cent of the bank's work force and are expected to take place over three years. They are part of an efficiency program designed to save $500-million (U.S.
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