1,000 More jobs to go as crunch gets worse

Nearly 1,000 UK mortgage and banking jobs are being cut after HSBC and Bradford & Bingley streamlined their operations in reaction to the credit crunch.

HSBC revealed 1,100 global redundancies including 500 staff in the UK, while B&B is to axe 370 employees – the most redundancies made by a financial firm outside London since the beginning of the crunch in August 2008.

The cuts will affect staff at B&B’s Borehamwood mortgage processing plant but the firm says some employees may relocate to its facility in Bingley, south Yorkshire.

Meanwhile, 20 Mortgage Express BDMs have been made redundant in addition to the axing of all B&B’s branch-based advisers.

B&B will now begin a review of staffing at its head office and central services department.

A spokeswoman for B&B says: “This meets the immediate needs of the business and provides a foundation for future growth.”

The buy-to-let lender says the redundancies are the first stage of a review that will end in November.

Earlier in the week B&B revealed that it will terminate its loan book deal with GMAC-RFC that was signed in March. It has also cut the value of the original deal from £1.75bn to £750m.

At the time of writing B&B’s share price was 20p, having fallen to an all-time low of 16p on Friday.