Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

National City Bank cuts another 1,200 jobs

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-25-07 07:36 AM
Original message
National City Bank cuts another 1,200 jobs
Edited on Thu Oct-25-07 01:29 PM by flamingyouth
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
Printer Friendly | Permalink |  | Top
SpiralHawk Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-25-07 07:43 AM
Response to Original message
1. "Our thanks to the republicons for thier brilliant economic plan." - Bank president
Edited on Thu Oct-25-07 07:44 AM by SpiralHawk
"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


Printer Friendly | Permalink |  | Top
 
groovedaddy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-25-07 07:50 AM
Response to Original message
2. Your subject line has 12,000 where as the article says 1,200
XXX)))
Printer Friendly | Permalink |  | Top
 
OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-25-07 09:51 AM
Response to Reply #2
6. The Plain Dealer
must've made a typo......it said 12,000 when I initially posted it. :shrug:
Printer Friendly | Permalink |  | Top
 
whistle Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-25-07 07:51 AM
Response to Original message
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.
Printer Friendly | Permalink |  | Top
 
EnviroBat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-25-07 08:30 AM
Response to Original message
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.
Printer Friendly | Permalink |  | Top
 
Algorem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-25-07 08:46 AM
Response to Original message
5. 80% drop in profits? 11th largest U.S. bank?
Huh?

Highest foreclosure rate since the Great Depression.What?
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu Oct 31st 2024, 06:09 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC