National City Cutting Back

It will slice 1,300 jobs in the latest mortgage industry firing spree.
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National City


is slashing 1,300 jobs in the latest round of mortgage industry cutbacks.

The Cleveland-based bank will take a pretax charge of $200 million to fire workers and write down the value of mortgage securities.

The news comes as



raises the number of jobs it will cut in a mortgage-business consolidation to 2,000 from last month's 1,200.

Other lenders including giant



have also been cutting jobs with abandon as the market for mortgage-backed securities has collapsed under the weight of rising defaults and delinquencies.