In its pre-close trading statement issued on Friday B&B, which is trying to sell non-core businesses including Charcol, says from its 3,950 employees, 150 have already been removed while 450 will be slashed between now and the end of next year. These will come from middle management, back office and support functions rather than customer-facing roles.
It adds that the disposal of Charcol, its estate agency, its surveyor and its IFA businesses is going as planned and that the release of its investment memo to potential buyers is imminent.
The trading statement also says Mortgage Express' new and pipeline lending are both expected to be comfortably ahead of 2003 figures.
Steven Crawshaw, group chief executive at B&B, says: “Our core selective lending business has continued the strong performance it showed in 2003 and arrears are low. The buy-to-let market has continued to be robust. We have made progress in diversifying our funding base and have been able to accelerate our plans for the delivery of cost savings from the core business.”
The Independent Banking Advisory Service has made a formal complaint against Bradford & Bingley. It was lodged with the Office of Fair Trading this month under the Consumer Credit Act and concerns 'oppressive or unfair' business practices.