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The Masked Tulip

Northern Rock To Axe 680 More Jobs

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Nationalised lender Northern Rock expects a further 680 job losses by the end of the year as it moves to drive down its costs.

The taxpayer-owned bank, which recently posted an annual loss in 2010, said the cuts are necessary as it tries to return to profit and prepares for a return to private ownership.

Northern Rock was nationalised in February 2008 after it collapsed amid the credit crisis, sparking the first run on a UK bank for 150 years.

It employed a workforce of around 6,500 in 2007; this latest announcement reduces the workforce to fewer than 2,000.

Read More http://www.walesonline.co.uk/news/uk-news/2011/03/28/northern-rock-to-axe-680-more-jobs-91466-28416758/#ixzz1HtzPNWCQ

Edited by The Masked Tulip

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Failed company supported by the tax payer... realistically this should have happened earlier...feel sorry for work force.. this was a result of greedy incompetent management who retained their bonuses etc

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Can still afford to sponsor Newcastle United though !

Money well spent

Y

The system is still very topsy turvy. I was hoping that the hardtimes would bring with it, a return to a more common sense approach. However, I sometimes wonder if it will ever correct itself.

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The system is still very topsy turvy. I was hoping that the hardtimes would bring with it, a return to a more common sense approach. However, I sometimes wonder if it will ever correct itself.

680 times 20000k per anum each employee is 13.6 million pounds. Isnt that about the figure of the bonuses anounced recently. Taking bonuses now is taking a years wages from a fellow employee, and sending him to collect it from the taxpayer..

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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