Job cuts by National City Corporation

National City Corporation is going to eliminate 900 jobs and has also announced suspension of brokered mortgage operations.

This is going to be 2nd major layoff in little over a year & is going to affect one-seventh of its mortgage staff. In 2006, 2500 positions were cut when their mortgage lending and home equity operations were merged. They are also cutting its common stock dividend to .21 from .41 & have also planned seeking more capital for coping with credit market fluctuations.