Up to 2,500 jobs will go at the beleaguered Northern Rock. Out too will go up to 50% of its Home Loan lending.
The now nationalised business continues to limp home on a wing and a prayer
following Bank of England and government intervention to secure its mortgage book
against a backdrop of global economic chaos.
Predominantly North-East focused, with its HQ in Newcastle, the bank employs 6,500 staff across the UK. Staff have been put on warning that a third of jobs will go by 2011; the Unite union are pushing perhaps optimistically for voluntary-only redundancies as they await detailed company plans.
Compulsory or voluntarily, outplacement prospects in this sector are not good.
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