CHL to make 50 redundant

CHL Mortgages is to shed some 50 jobs as part of its plan to slash mortgage business in the coming months. The specialist lender and subsidiary of Irish Life & Permanent said it plans to focus on credit quality and margins in future.

The job cuts represent a fifth of the firm’s workforce.

Managing director Bob Young expressed his regret.

He said: “Unfortunately, this business decision is bound to have consequences for staff numbers.

“We have briefed employees about the move, which we think will lead to a reduction in headcount of about 50.”