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.