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Advanta to cut 300 jobs, trim dividend as card losses mount

Advanta Corp. will cut 300 jobs and reduce its dividend as credit card losses mount for the Spring House lender.

Advanta Corp. will cut 300 jobs this year, and reduce its dividend. The company employed 914 at year-end 2007 but has been cutting costs since then. The Spring House, Montgomery County lender, which had been planning a new $50 million headquarters just last fall, is bracing for losses of more than 20% on its shrinking portfolio of business credit card loans. Announcement here.