A third of jobs to go at Northern Rock

More than 2,000 staff at nationalised mortgage lender Northern Rock face losing their jobs, it was reported today.

The cuts are expected as part of chairman Ron Sandler’s restructuring plans for the Newcastle-based group, taken into public ownership in February after being forced to seek a Bank of England funding bail-out last year.

Up to a third of Northern Rock’s 6,500 staff are to go as Mr Sandler seeks to shrink the business and cut the lender’s balance sheet to around half the current £113bn (€143.8bn), the Financial Times reports.