Nov 25, 2007

National City Corp

Part of a series The Great American Write-Down

National City Corp (NCC) Third quarter profits fell 80 percent and their mortgage lending unit had a $152 million loss. Considering that they sold their subprime mortgage unit, First Franklin Financial Corp, to Merrill this past summer, the company kept a chuck of the subprime loans. In the second quarter alone, that portfolio lost $800 million in value. The ninth-largest U.S. bank also said it is eliminating 2,500 jobs or about 7 percent of their staff.

UPDATE 3-National City net sinks 80 pct, cuts 2,500 jobs