Northern Rock has said it will cut about 2,000 jobs and slash its home loan book in half.
Northern Rock has said it will cut about 2,000 jobs and slash its home loan book in half.
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.
The job cuts, which account for about a third of its staff, will be made by 2011 under plans to turn around the ailing bank's fortunes.
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.
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.
Northern Rock must pay back Bank of England loans worth about £25bn.
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 employers in the North East, with about 6,500 staff.
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 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 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."
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