But Mike Perry, associate director of sales and marketing at Amber, says he expects many of them to be redeployed else where within Amber’s parent group Skipton.
Perry himself will undertake a consultation period with the mutual about his own position.
He says: “This is obviously very sad. I’ve been at Amber since it started and the company has returned profits of over £60m.”
Perry says that Amber’s original business plan aimed to cap its maximum lending at £1bn.
The lender’s withdrawal from new lending, which was announced yesterday, is a result of its backbook now exceeding the cap.
Perry says: “With the securitization market being closed and our backbook at £1.6bn, it is necessary for us to withdraw from the market for the timebeing.”
The firm anticipates returning to the market no earlier than Q3 2009.