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National City (NCC Quote) was one of the financial sector's most notable losers Wednesday as the Cleveland bank set plans to slice its dividend nearly in half and close its wholesale-mortgage division.
The company's shares fell 4.3% to $15.75 on word its quarterly payout would be cut to 21 cents a share from 41 cents.
"Today's environment requires aggressive steps to overcome the near-term challenges facing the industry and our company, while positioning our businesses to continue delivering solid performance," said National City Chairman, President and CEO Peter E. Raskind, in a press release. ...
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