Source:
The Plain DealerThursday, 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.
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