National City to cut 4,000 jobs, posts another big loss

Source: Cleveland.com

CLEVELAND -- National City Corp. said today it plans to cut 4,000 jobs nationwide in the next three years as it copes with another big quarterly loss.

The Cleveland bank said it lost $729 million in the third quarter -- results that were much worse than projected -- largely because it continues to build its war chest to prepare for future potential loan losses.

On a per-share basis, the loss was $5.86 for the third quarter. Ohio's largest bank was expected to lose 31 cents per share, according to a consensus of 19 analysts who follow the company.

National City is taking a number of steps to reduce expenses, including personnel and purchasing. Executives are still assessing the staff cutbacks, but the bank said it is targeting 14 percent of its workforce, now about 29,000 nationwide. National City employs about 8,000 in Northeast Ohio.

Read more: http://blog.cleveland.com/business/2008/10/national_city_posts_another_bi.html

200 Local National City Jobs Head To India (OH)

CLEVELAND -- National City officials said its preparing to outsource up to 200 jobs to India.

The jobs are moving from the 2,000-employee operations center to India.

The jobs involve screening computer images of checks and processing payments and deposits.

National City would not comment on specifics about the data and operations center on West 150th Street.

http://www.newsnet5.com/money/15854590/detail.html

the bail out....... HOW can they avoid the 2,000 jobs, PEOPLE, HARD workers... when is this bail out going to help them.. and us! Fire the Execs... keep the 2000 workers... and you are right OhioChick... I doubt those 200 jobs shipped over to India aren't going away!!



WHEN DO THE WORKERS OF THESE BANKS GET TO KEEP THEIR JOBS AND THE EXECS GET F I R E D !!!!!!!!

Wonder if it's time to start looking around for a different one? I've been with them in one incarnation or another for most of my adult life, though.