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F. T. : Up To One Third Of Jobs To Go At Nr

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Tuesday March 18, 08:15 AM

Northern Rock 'Set To Axe 2,000 Staff'

By Sky News

| | |
More than 2,000 workers at newly-nationalised mortgage lender Northern Rock face losing their jobs, it has been reported.
The cuts are expected as part of Chairman Ron Sandler's restructuring plans for the Newcastle-based group, taken into (Advertisement)
public ownership in February after being forced to seek a Bank of England funding bail-out last year.
According to the Financial Times, up to a third of Northern Rock's 6,500 staff are to go
as Mr Sandler takes action to shrink the business and cut the lender's balance sheet to around half the current £113bn.

As the demand for mortgages and loans dries up there will be thousands laid off in the coming weeks and not just at NR. So much for Gordon's promise to take over the bank to preserve jobs in NuLabour dominated NE.

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Cheer up. It will be the same across the scaveng..., pardon, banking sector

Well the spin in the Sunday Times over the weekend was that NR had a highly efficient mortgage processing team, and there was some hope that other lenders might use their services!

However given the collapse in new mortgage business, I'm sure the return of quill pens, ledgers, and tally sticks will be more than adequate!

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  • 293 Brexit, House prices and Summer 2020

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