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.”

More in this Section

Nail bar and yoga pod - take a look inside Microsoft's new €134m Dublin campus

Hundreds of UK jobs safeguarded through sale of Carillion's rail contracts

Fridges and televisions 'potentially at risk' from cyber-criminals

KBC Bank Ireland sees fall in profits after tracker scandal


Today's Stories

China in our hands as Irish exports hit heights

On Brexit, the rubber hits the road for UK car firms

Shares worry focus on US rates

Brexit will hurt bad but let’s not overstate the costs

Lifestyle

The biggest cancer killer will take your breath away

Hopefully she had an idea...

Power of the press: Meryl Streep and Tom Hanks discuss 'The Post'

More From The Irish Examiner