CLEVELAND -- Regional bank National City says it's cutting 900 more jobs as it continues to be stung by the weakening housing and credit markets.
The Cleveland company also says it will slash its dividend 49 percent to 21 cents per share, from 41 cents.
National City says the job cuts will come as it closes its wholesale mortgage business. The bank has already cut 3,400 jobs companywide and put sharp restrictions on new mortgage loans.
National City has been hit hard in recent months because of rising mortgage delinquencies and defaults amid severe declines in the housing market.
The company's stock is down three percent this morning.
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