A&L announces voluntary redundancies

Alliance & Leicester is making between 200 and 300 voluntary redundancies as a result of a slowdown in the housing market.

Raj Uppal, director of mortgage sales and operations at A&L, said the bank is expecting fewer new mortgages than in recent years.

He added: “We are offering a limited scheme to people who work in some areas of our mortgage division and to some other back office areas of the bank.

“Staff at our Belfast operation who service our broker mortgage market will not be eligible to apply.”

The lender insists this will not compromise its service and that it continues to be committed to efficient intermediary service.

The announcement followed speculation that Lloyd’s TSB could be set to launch a takeover bid for A&L. Sir Victor Blank, chairman of Lloyds, says the firm continues to cast around for opportunistic buys as a result of its focus on concerted independent growth this year.