National City Corp (NCC.N: Quote, Profile , Research), a large U.S. Midwest bank, on Wednesday said third-quarter profit fell 80 percent, as mortgage losses mounted even after the sale of a subprime lending unit to Merrill Lynch & Co (MER.N: Quote, Profile , Research).
The ninth-largest U.S. bank also said it has eliminated 2,500 jobs, or roughly 7 percent of its work force, as it reduces costs companywide, with 1,700 of the cuts related to mortgages. Last month, the bank had said it was eliminating 1,300 mortgage jobs.
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