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Northern Rock to cut 2,000 jobs Northern Rock to cut 2,000 jobs
(20 minutes later)
Northern Rock has said it will cut about 2,000 jobs - about a third of its workforce - under radical plans to turn around the ailing bank's fortunes. Northern Rock has said it will cut about 2,000 jobs and slash its home loan book in half.
The Newcastle bank was nationalised in February after the credit crisis wiped out its ability to fund its mortgage business. The job cuts, which account for about third of its staff, will be made by 2011 under plans to turn around the ailing bank's fortunes.
Troubleshooter Ron Sandler has been appointed by the government to steer the lender back to profitability. The Newcastle bank was nationalised in February after the credit crisis forced it to seek a Bank of England lifeline to fund its mortgage loan book.
He plans to shrink the business and reduce its mortgage loan book by half. Northern Rock must pay back Bank of England loans worth about £25bn.
Northern Rock is one of the biggest employees in the north east, with about 6,500 staff. Northern Rock is one of the biggest employees in the North East, with about 6,500 staff.
But under plans to pay back about £25bn it owes the Bank of England for propping it up since last September and return the bank to the private sector, about 2,000 of its employees will be forced to leave by 2011. The Unite union said it would oppose any plans for compulsory redundancies at Northern Rock. It is seeking assurances that the workforce will be reduced through purely voluntary means.
The Unite union said it will oppose any plans for compulsory redundancies at Northern Rock and is seeking assurances that the workforce will be reduced through voluntary means only.
"The union will be working to mitigate the implications of the recent crisis on the employees, who have been working tirelessly to ensure there is a sustainable business in the future," said Graham Goddard, Unite deputy general secretary."The union will be working to mitigate the implications of the recent crisis on the employees, who have been working tirelessly to ensure there is a sustainable business in the future," said Graham Goddard, Unite deputy general secretary.
"Unite will now be pressing the company for the detailed plans and will oppose any plans for compulsory redundancies.""Unite will now be pressing the company for the detailed plans and will oppose any plans for compulsory redundancies."