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National City to Trim Dividend by 49%, Cut 900 Jobs (Update2)By David Mildenberg
Jan. 2 (Bloomberg) -- National City Corp., Ohio's largest bank, will reduce its quarterly dividend by 49 percent and cut 900 more jobs as it stops making home loans through brokers.
The lender has eliminated 3,400 positions in the past year, including the reductions announced today in a statement. National City, based in Cleveland, will continue making home loans through its staff at 300 mortgage offices and 1,400 bank branches, spokeswoman Kristen Baird Adams said.
National City is still reeling from the U.S. housing slump a year after selling its subprime mortgage unit to Merrill Lynch & Co. A third of the bank's branches are in Ohio and Michigan, two of the states with the highest foreclosure rates. It now expects to make $15 billion to $20 million in home loans in 2008, compared with a previous projection of $35.7 billion.
more @ http://www.bloomberg.com/apps/news?pid=20601087&sid=atppfor8hBk0&refer=home
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