Saving a thought for Bingley staff

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By Kevin Peachey Personal finance reporter, BBC News, Bingley

Hundreds of staff work at the Bingley town centre offices

A short road runs from a car park behind Bradford & Bingley's former headquarters in its home town. It is called Thrift Way.

The irony is not lost on many of Bingley's residents who fear jobs could go because of the excesses of modern mortgage lenders.

"There was a time when you almost had to go down on your hands and knees to ask for a mortgage," says 79-year-old Bill Shackleton who has lived in the town for more than 50 years.

"I've no sympathy for these buy-to-let investors."

His views echoed those of many of the older members of the community playing bowls in Myrtle Park, immediately behind the imposing B&B building.

They reminisce about the bank's former building society status, and stable lending policies.

But most of their anger is aimed at traders in the City whose actions, they believe, ended the decades of independence as a financial institution.

"It's the ferrets and weasels on the stock exchange that are to blame," says one pensioner, as a gentle bowls game continues around him.

'Prepared'

While they might be angry, few locals seem shocked about the news of the part-sale, part-nationalisation of B&B.

In fact, a number explain that they had shifted some or all of their savings to another lender last week as the share price fell, especially if they had deposits of more than £35,000.

"I've only just taken my money out of Bradford & Bingley and put it in the Abbey. If I'd left it, it would have been moved for me," says one woman, digesting the news that Abbey-owner Santander will buy the savings business.

"This was not like Northern Rock. We all saw it coming," says John Cochran, a Bingley resident of 30 years and charity shop volunteer.

If their predictions were true about the end of an era for B&B, one hopes that their fears for the effect on the town will be wrong.

"This will kill Bingley," says one.

Culture

This is not a view that is universally shared. Some point to the commuter culture of the town, with residents travelling to nearby Leeds, Bradford and Keighley to work.

Selfishness has overwhelmed us Rev Derek Jackson

But some of the daytime economy is helped by the hundreds of staff at B&B's offices.

"Little shops in the area rely heavily on them for custom. The sandwich shops, the barbers - any job cuts would affect them," says Rev Derek Jackson, vicar of All Saints Church in Bingley.

Aware of the reaction that leading churchmen received a week ago when commenting on the effects of the City on society, Rev Jackson says that the targets set by ambitious businesspeople has some dangers.

"Selfishness has overwhelmed us," he said, suggesting that now was the time to "realign" our values.

On the move

There are more than around 600 staff at the stark, concrete offices in Bingley town centre. Most were understandably mute about their futures, politely declining the opportunity to talk to reporters on Monday. Some 800 more work in the more modern buildings at nearby Crossflatts.

Bradford & Bingley's branches will go to the Abbey

"I'm really saddened by the fate of Bradford & Bingley. I think it was a very sad occasion that such an apparently well-run organisation is brought to its knees, it seems, by no fault of their own," says Robert Harrison, president of the Bingley Chamber of Trade and Commerce.

He says the town's residents owed the bank a great deal of gratitude for its money and services, and he only hoped that staff would find other positions in the new organisation.

But he adds: "I feel the knock-on effects will be felt throughout the town here."

Some of the staff had been found their jobs by Recruitment 2000, based over the road from B&B.

Now Janet Alvey, branch manager, says she has received a number of CVs and calls or visits from about two dozen B&B workers concerned about their futures.

"They've not been told their jobs are under threat but it's not rocket science to know that things are not going to plan," says Ms Alvey.

But she is confident that if people are prepared to travel, there are still jobs about.

Local MPs have called for job protection for B&B staff, and a spokeswoman for Abbey says it is too early to say whether jobs will go as its prepares to take over B&B's branches.

'Confidence'

While people keep their jobs, they are still happy to spend, according to Bingley travel firm boss Robert Carter.

He says no holiday bookings have been cancelled since the news of B&B and he called for more confidence in businesses to help the economy recover.

"You've got to keep going and keep cheerful," he said.

In one of Bingley's cafes, a bright painting is on sale called "Everything you could wish for, Bingley." It costs £290, the equivalent of 1,450 B&B shares last week.

While this town may wish for many things at present, a bright future for Bingley must be high on the list.