The outgoing chief executive of British nationalised bank Northern Rock has bowed to pressure by waiving his salary, pension and benefits for the period of his gardening leave.

The group formed from Northern Rock and Bradford & Bingley’s toxic loans has paid back another £1bn in taxpayer cash this year after ramping up its debt repayments.

Nationalised British lender Northern Rock said today that it would be returned to the private sector "only when conditions are right" as half-year figures showed a £140m (€168.8m) loss.

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

Northern Rock today said it was paying staff £14.9m (€16.3m) in bonuses after losses narrowed last year.

Nationalised Northern Rock was split into two today as the race to take over the “good” part of the bank stepped up a gear.

Nationalised lender Northern Rock today posted a £724.2m (€853m) loss for the six months to June 30.

Northern Rock’s chief financial officer Ann Godbehere today announced her decision to step down as the bank approached its year anniversary under public ownership.

British bank Northern Rock announced the appointment of Barclays director Gary Hoffman as its £700,000(€886,657)-a-year chief executive today.

The head of Barclays’ UK operation sparked a major reshuffle at the banking giant today by announcing plans to quit his £1.3m (€1.9m) a year job.

British banking group Barclays today took the first steps towards establishing its Barclaycard operation in the United States credit card market.