CHL to make 50 redundant

CHL Mortgages has revealed 50 redundancies as part of plans to slash mortgage business in the coming months.

The specialist lender and subsidiary of Irish Life & Permananent says it will spend 2008 focussing on credit quality and margins.

The redundancies represent a fifth of the firm’s 250 person workforce.

Bob Young, managing director of CHL Mortgages, expressed regret at the implications of the move for staff numbers.

He says: “Unfortunately this move will have consequences for staff numbers in the business. We have briefed staff on the impact which we believe will lead to a reduction in headcount of approximately 50 people.”