Bradford & Bingley to axe 370 jobs

Struggling mortgage lender Bradford & Bingley said today it is cutting 370 jobs in the UK in a crackdown on costs.

The bulk of the job losses will come with the closure of its mortgage processing centre in Borehamwood, Hertfordshire, England, which employs 300 people.

The move comes after B&B posted losses of £26.7m (€33.7m) in the first half of the year, as the buy-to-let specialist is buffeted by credit crunch losses and rising arrears.