08:37 ET<\/span>
\n<\/span><\/p>\nNorthern Rock has announced further restructuring that will result in up to 680 job losses as it looks to cut costs.<\/p>\n
The job losses would affect employees “at all grades across the company”, the nationalised lender said.<\/p>\n
The bank said trading conditions remained “very challenging”, due in part to the subdued mortgage market.<\/p>\n
Earlier this month, the company reported a loss of \u00a3232.4m for 2010, but said it was making progress.<\/p>\n
“In order to meet our agreed objectives, we must continue to manage our cost base, which is too big relative to the size of the company – regrettably, this will involve job losses,” said Ron Sandler, executive chairman of the group.<\/p>\n
“Our aim is to minimise compulsory redundancies where possible and we will offer voluntary redundancy.”<\/p>\n
Bank split<\/span><\/p>\nNorthern Rock was nationalised in 2008 to save it from collapse during the financial crisis.<\/p>\n
Last year, it was split into so-called “good” and “bad” banks. <\/p>\n
The “good” bank, Northern Rock PLC, holds savers’ deposits and new mortgages, while the “bad” bank, Northern Rock Asset Management, holds the rescued bank’s old mortgages and unsecured loans.<\/p>\n
The government wants to sell off Northern Rock PLC and recoup some of the taxpayers’ money spent on the rescue.<\/p>\n
Before the financial crisis, the combined workforce of the two banks was about 6,500.<\/p>\n
When Northern Rock PLC was established last year, it employed about 4,500 people. This latest announcement reduces its workforce to fewer than 2,000.<\/p>\n<\/p><\/div>\n<\/p>\n
Read more:
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