This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7533113.stm
The article has changed 5 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Northern Rock unveils job losses | Northern Rock unveils job losses |
| (10 minutes later) | |
| Northern Rock has announced that it expects to make about 1,300 staff redundant as part of its plan to restructure the troubled bank. | Northern Rock has announced that it expects to make about 1,300 staff redundant as part of its plan to restructure the troubled bank. |
| It hopes to limit the number of compulsory redundancies to 800, while 500 staff will leave voluntarily. | It hopes to limit the number of compulsory redundancies to 800, while 500 staff will leave voluntarily. |
| The bank said it expects to be left with an estimated 4,000 staff. | The bank said it expects to be left with an estimated 4,000 staff. |
| Northern Rock was effectively nationalised at the beginning of this year after it was hit by a shortage of funds as a result of the credit crunch. | Northern Rock was effectively nationalised at the beginning of this year after it was hit by a shortage of funds as a result of the credit crunch. |
| "Confirming job losses is never easy," said Northern Rock's executive chairman Ron Sandler. | "Confirming job losses is never easy," said Northern Rock's executive chairman Ron Sandler. |
| "This remains a very tough time for our staff but the restructuring of the company is nearing completion and we are now in the final phase of this difficult process," he said. | "This remains a very tough time for our staff but the restructuring of the company is nearing completion and we are now in the final phase of this difficult process," he said. |
| The bank has previously said that it intends to cut up to 2,000 staff by 2011. It had been one of the biggest employers in the North East of England with a workforce of 6,500. | |
| The announcement came at the end of a consultation process between Northern Rock and staff representatives. | |
| The Unite union had opposed any compulsory redundancies. It declined to comment when contacted by BBC News. |