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GEMHL soothes redundancy fears

GE Money Home Lending moved to calm fears about UK job cuts last week after parent firm GE Capital said it was scaling back its mortgage business.

In a GE Capital business update teleconference, the firm said it was preparing for a tougher market in 2009. This will require job losses in its consumer finance arm in Q4 2008 but it did not reveal which divisions will be hit.

The firm also says it is looking to reduce its exposure to the mortgage market.

But a spokesman for GEMHL says: “The call was designed to give a broad overview of the company’s strategy.

“Our position is that we still have an offering in the UK with a tightly controlled, prudent range of products that reflects difficult economic conditions.”


FSA gives go-ahead to Cheshire and Nationwide merger

The Financial Services Authority has confirmed the proposed merger of the Cheshire to the Nationwide will go ahead. The FSA says one of the points raised at a hearing held in Macclesfield on November 20 2008 was in respect of the Financial Services Compensation Scheme. Some members had placed deposits up to the maximum amount […]

Brokers advised to cover their backs when selling B2L

Repossessions specialist Moore Blatch has warned brokers that with buy-to-let arrears and repossessions levels rising it’s vital that they use investment style warnings to cover their own backs.


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