B&B cuts 370 jobs

Bradford & Bingley is set to trim 370 jobs and £15m in costs as part of a streamlining exercise.

The beleaguered buy-to-let lender is closing its Borehamwood, Hertfordshire mortgage processing plant and making all mortgage advisers and many intermediary sales people redundant.

Activities at Borehamwood will transfer to the Bingley processing centre and 300 staff will be cut as a result of the closure which is expected to complete in Q1 2009.

Branch based mortgage advisers will be removed from the network and the broker distribution team will be restructured align selling and support ability to B&B’s lending ambitions.

No branches will be closed but arrears servicing and support will be strengthened within the existing locations.

Head office support staff will also be reduced.

Richard Pym, chief executive of B&B, says: “The changes we have announced today focus the business as a strong savings bank, reduce the size of our lending activities, and increase our capacity in arrears collection.

“We are a strongly capitalised bank now undertaking a complex transition with regrettable job losses, but we are planning to put the problems of the past behind us and have a business which is fit for purpose going forward.”