View more on these topics

Restructure will lead to 680 job losses at Northern Rock

Northern Rock is to shed 680 jobs by the end of the year as part of a restructuring programme.

It says the proposed restructure is intended to improve operational efficiency and align the number of employees with its medium-term growth expectations.
The bank says it aims to mini-mise compulsory redundancies and will offer voluntary redundancy where possible.

Ron Sandler, executive chairman of Northern Rock, says: “Economic and trading conditions remain chal-lenging for a bank like Northern Rock.

“The mortgage market remains subdued and the low interest rate environment continues to act as a headwind for banks and building societies primarily funded from retail savings.”

He adds that for it to meet its agreed objectives, it must continue to manage its cost base which is too big relative to the size of the bank.
The state-owned lender reported a £232.4m loss for 2010 and says cost management will be a focus in 2011 as it moves towards profita-bility and a return to the private sector.

Sandler adds: “This is an unsettling time for our employees who have been through a lot in the last few years. We will keep them well informed through the process and provide support to those affected.”


Name change for Drawbridge as it picks Dragonfly

Drawbridge Finance has rebranded as Dragonfly Property Finance and cut a number of rates. Jonathan Samuels, chief executive officer of Dragonfly, says: “The old name suggested we were exclusively about bridging so it pigeonholed us. The services we offer include buy-to-let loans and second charges, and we have formally laun-ched into development and mezzanine finance.” […]

GDP figures show contraction was less than expected

The economy contracted by 0.5% in Q4 2010, slightly less than the 0.6% that had been expected. Gross domestic product fell by 0.5% in the final three months of last year, figures from the Office for National Statistics show. The annual growth rate was unchanged at 1.5%. Output from construction indus-tries was revised up, to […]


News and expert analysis straight to your inbox

Sign up

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now