Northern Rock announces up to 650 job losses

Nationalised British lender Northern Rock said today that it was planning to cut up to 650 jobs by the end of the year.

The firm has launched a consultation with trade union Unite over the latest cuts, which are aimed at reducing costs ahead of an eventual return to the private sector.

The lender would look to avoid compulsory job losses where possible but chief executive Gary Hoffman said it was “important that we continue to deliver value for taxpayers”.

He added: “There is still a challenging economic environment and, in order to meet our objectives, we must align our staffing level to match the smaller size of the business, increase efficiency and reduce our cost base.”


Email Updates

Receive our lunchtime briefing straight to your inbox

More in this Section

Tech stocks take a tumble to pull US market lower

Mercedes-Benz reveals details of new Sprinter

Warning that the Government will miss social housing target

Uber boss sorry for 'mistakes' after being denied London licence renewal


Today's Stories

Call to cut Vat rate in North

Markets doubt whether US interest rates will climb

UK banks warned about their consumer loan losses

Unilever to buy Korean firm for €2.27bn

Lifestyle

Coming to terms with a creeping killer in the blood

Skibbereen Eagle runs out Russians

Cork Folk Festival headliner Andy Irvine on the road again

Remembering Easter Rising hero Thomas Ashe 100 years on

More From The Irish Examiner