FACTBOX-Banking companies cutting jobs

(Reuters) - Banks and financial services companies with banking operations are in the process of cutting tens of thousands of jobs.

Some have said they are reducing staffing to lower their cost structures. Others are doing so because interest-rate changes have made it more difficult to profit from lending. Still others are reacting to tightening credit conditions, especially for mortgage lending operations.

Challenger, Gray & Christmas Inc., the consulting firm, on Tuesday said the U.S. financial industry has announced 87,962 job cuts this year, 75 percent more than in all of 2006. It said about 35,830, or 41 percent, of the cuts related to housing market problems.

The following is a selection of U.S. financial companies that have set job cuts this year, or are otherwise reducing staffing.

BEAR STEARNS COS BSC.N

Bear Stearns, a Wall Street investment bank, on August 16 said it will cut 240 subprime lending jobs, including 100 at its Encore Credit unit and 140 at its Bear Stearns Residential unit. The New York-based company also said it is closing two operations centers.

CAPITAL ONE FINANCIAL CORP. (COF.N)

Capital One, the largest independent credit card issuer, on August 20 said it will eliminate 1,900 jobs and close its GreenPoint Mortgage Inc. wholesale lending unit as mortgage market conditions weakened. In June, the McLean, Virginia-based company announced plans to cut 2,000 jobs, or 6 percent of its workforce, to help save $700 million annually by 2009.

CITIGROUP INC. (C.N)

Citigroup, the largest bank, on April 11 said it will eliminate 17,000 jobs and move an additional 9,500 jobs to lower-cost locations, hoping to save $4.58 billion annually by 2009. The New York-based company at the time said it employed roughly 327,000 people.

COUNTRYWIDE FINANCIAL CORP. CFC.N

Countrywide, the largest mortgage lender, on August 20 said it eliminated about 500 jobs last week in its Full Spectrum division, which lends to people who don't qualify for the best rates, and the subprime unit of its wholesale lending division. The Calabasas, California-based company had added nearly 7,000 workers in 2007 before facing a credit shortfall.

H&R BLOCK INC. (HRB.N)

H&R Block, the largest tax preparer, in May said it plans to cut 615 jobs at its Option One Mortgage Corp. unit. On August 9, it said the number of cuts may grow. Kansas City, Missouri-based H&R Block is planning by year end to sell Option One to private equity firm Cerberus Capital Management.

NATIONAL CITY CORP. NCC.N

National City, the ninth-largest bank, on August 16 said it would eliminate an unspecified number of sales and support jobs by folding its home equity business into National City Mortgage Co., its main home loan unit, amid the housing slowdown. The company is based in Cleveland.

SUNTRUST BANKS INC. (STI.N)

SunTrust, the seventh-largest bank, on August 20 said it plans to eliminate about 2,400 jobs by the end of next year as part of a plan to save $530 million annually by 2009. The Atlanta-based bank said the cuts equal about 7 percent of its workforce.

WACHOVIA CORP. WB.N

Wachovia, the fourth-largest bank, is eliminating about 4,000 jobs in a bid to save $1 billion annually, in a multi-year program slated to end this year. 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. The Seattle-based thrift added about 300 net jobs in the second quarter.

WELLS FARGO & CO. (WFC.N)

Wells Fargo, the fifth-largest bank, on July 26 said it will close its subprime wholesale lending business, resulting in the loss of 170 jobs. It said it will seek other jobs for 67 other affected workers. San Francisco-based Wells Fargo last winter cut an additional 444 subprime mortgage jobs.

MORTGAGE LENDERS

Many mortgage lenders that remain in business have also cut jobs this year, including Accredited Home Lenders Holding Co. LEND.O and NovaStar Financial Inc. NFI.N

(Reporting by Jonathan Stempel)