FACTBOX-U.S. financial companies cutting jobs

U.S. banks and financial service companies are cutting tens of thousands of jobs to reduce costs as the economy weakens and credit conditions tighten, especially for mortgage lending.

CITIGROUP INC (C.N)

The largest U.S. bank announced an additional 4,200 job cuts on Jan. 15 as part of its plan to shore up the balance sheet after a record $9.83 billion fourth quarter loss. Citi had said in April that it would eliminate 17,000 jobs and move an additional 9,500 jobs to lower-cost locations, hoping to save $4.58 billion annually by 2009. Citi said at the time that it had about 327,000 employees.

BANK OF AMERICA (BAC.N)

Bank of America, the No.2 U.S. bank, said on Jan. 15 that it would eliminate 650 corporate and investment banking jobs and sell its prime brokerage unit. The cuts affected about 12 percent of capital markets and investment banking workers and were in addition to about 500 cuts made late last year as part of an overall reduction of 3,000 jobs companywide.

COUNTRYWIDE FINANCIAL CORP CFC.N

Countrywide Financial Corp, the largest U.S. mortgage lender, cut 11,000 jobs since mid-2006 to cope with weakened housing demand, rising foreclosures and tightening credit markets, ending the year with 50,600 employees.

NOVASTAR FINANCIAL INC NFI.N

NovaStar Financial Inc NFI.N, which last year halted subprime mortgage lending and is struggling to survive, said it would eliminate 85 percent of its remaining work force, or 170 jobs. NovaStar said it would employ 30 people after the latest cuts, down from 2,048 at the end of 2006. NovaStar specialized in making home loans to customers with weak credit.

INDYMAC BANCORP INC IMB.N

IndyMac Bancorp Inc, one of the largest independent U.S. mortgage lenders, said on Jan. 15 it would cut 2,403 positions, or 24 percent of its workforce, on top of 1,000 already eliminated. IndyMac plans to emphasize higher quality loans.

LEHMAN BROTHERS HOLDINGS INC LEH.N

Lehman Brothers Holdings Inc said it will fire another 850 workers, or about 3 percent of its work force, as it scales back its mortgage lending efforts globally. Lehman, the fourth-largest U.S. investment bank by market capitalization, said it would trim its U.S. and UK home loan operations and close its South Korean mortgage business. The investment bank had previously said it would fire 1,200 workers as it shuttered its U.S. subprime mortgage lender,following an earlier announcement that it was cutting 400 U.S. jobs.

NATIONAL CITY CORP NCC.N

National City Corp said it would lay off 1,300 workers in its mortgage banking business.

ACCREDITED HOME LENDERS HOLDING CO LEND.O

Accredit Home Lenders, a subprime lender, said it would cut 1,600 jobs. The San Diego-based company said it would close nearly all of its retail lending branches and support centers, as well as five of its 10 wholesale divisions.

BEAR STEARNS COS BSC.N

Bear Stearns, a Wall Street investment bank said it wouldcut 240 subprime lending jobs, including 100 at its Encore Credit unit and 140 at its Bear Stearns Residential unit. The company also said it would close two operations centers.

CAPITAL ONE FINANCIAL CORP (COF.N)

Capital One, the largest independent credit card issuer, on Aug. 20 said it would eliminate 1,900 jobs and close its GreenPoint Mortgage Inc wholesale lending unit. In June, the company announced plans to cut 2,000 jobs, or 6 percent of its work force, to help save $700 million annually by 2009.

FIRST MAGNUS FINANCIAL CORP

The privately held mortgage lender filed for bankruptcy protection and said it had laid off most of its nearly 6,000 workers, leaving it with about 60 employees. The Tucson, Arizona-based company was the 16th-largest U.S. mortgage lender from January to June.

H&R BLOCK INC (HRB.N)

H&R Block, the largest tax preparer, said in May it planned to cut 615 jobs at its Option One Mortgage Corp unit. On Aug. 9, it said the number of cuts might grow.

HSBC HOLDINGS PLC (HSBA.L)

The bank's U.S. mortgage unit said it would close an office in Indiana, cutting about 600 jobs. London-based HSBC employs about 60,000 people in the United States.

SUNTRUST BANKS INC (STI.N)

SunTrust, the seventh-largest bank, said on Aug. 20 that it planned to eliminate about 2,400 jobs as part of a plan to save $530 million annually by 2009. The Atlanta-based bank said the cuts equalled about 7 percent of its work force.

WACHOVIA CORP WB.N

Wachovia, the fourth-largest bank, said it would eliminate about 4,000 jobs in a bid to save $1 billion annually in a multiyear program. The Charlotte, North Carolina-based company undertook the cuts to reduce an expense base that was higher than most of its peers.

WASHINGTON MUTUAL INC (WM.N)

Washington Mutual, the largest savings and loan, cut 10,688 jobs in the year ended March 31, primarily in its mortgage operations, to bring costs in line with reduced business activity.

WELLS FARGO & CO (WFC.N)

Wells Fargo, the fifth-largest bank, said on July 26 that it would close its subprime wholesale lending business, resulting in the loss of 170 jobs.

FIRST AMERICAN CORP (FAF.N)

First American, the largest U.S. provider of insurance to protect homeowners against property claims, said it would cut 1,300 jobs, on top of 600 cuts announced in the second quarter, citing "rapidly changing economic conditions." The Santa Ana, California-based company said it may move some jobs to other countries. It ended 2006 with 39,670 employees.

LANDAMERICA FINANCIAL GROUP INC LFG.N

LandAmerica Financial Group Inc, the third-largest title insurer, said it planned to cut 1,100 jobs.

(Reporting by Ed Leefeldt, Jonathan Stempel and Dan Wilchins)