National City Corp. will move ahead with its plans to expand in Wisconsin, even though the company announced Tuesday it will cut 4,000 jobs across the country.
The Cleveland, Ohio-based company is launching a "performance enhancement initiative" that will result in about 4,000 jobs being eliminated over the next three years.
National City, which entered the Milwaukee market last year, has lost $2.7 billion for the year-to-date, compared with net income of $647 million for the first nine months of 2007. The company has been battered by the collapse of the subprime mortgage market and other "bad" debt. Those liabilities "are in runoff mode," the company stated.
However, National City will proceed with its plans to open a new branch and move its Wisconsin headquarters from the Bishops Woods office park along Bluemound Road in Brookfield to the 411 Building in downtown Milwaukee, according to Terri Wilson, vice president of corporate communications for the company.
"We're still looking at locations. We will be adding up to 11 branches," Wilson told SBT this morning. "We're still moving forward with our original plans for Wisconsin."
Beth Wnuk, president of National City-Wisconsin, previously told SBT that Wisconsin is one of the company's key targeted markets for growth.
National City says layoffs won't derail its Wisconsin growth plans
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