Saturday, Aug 30, 2008
Bye Bye B&B
Telegraph: Bradford & Bingley to cut new lending after unveiling £27m loss
Rod Kent, B&B's chairman, said the past few months - when B&B repeatedly re-negotiated a rescue rights issue and saw private equity firm TPG walk away from a plan to inject cash - had been "as tough as it can get".
Mr Kent denied B&B's only options were to run the business off or put it up for sale. Richard Pym, who has been B&B's chief executive for just eight days, will present a strategic plan at the interim management statement in the autumn. B&B has already cut 110 of its mortgage advisers and further job cuts are likely.
Alex Potter at Collins Stewart said the results were "little short of appalling".
Posted by last_days_of_disco @ 10:52 AM (287 views) Add Comment
1 Comment
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1. mark said...
maybe time to get your money out of the bank!!!!