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.”