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Northern Rock Announces Job Loses

In a move which has been on the cards for some time it was today announced that 1,300 staff will be losing their jobs at Northern Rock. While it is hoped that 800 will take redundancy a further 500 will be leaving of their own accord in line with plans announced at the time of the government bail out.

While the news is a blow to the region the figure of 1,300 is a lot less than the original forecast of 2,000 job loses. Announcing the move Ron Sandler, executive chairman of the group, admitted that it was a difficult but necessary move as the restructuring of the group nears completion. Those who have followed the Northern Rock saga will know that many mortgage clients have been transferred to other banks and this has necessitated the need to reduce the staffing levels.

There has been little news of late but the bank had been ahead of the strict schedule drawn up by the Treasury with regards to the repayment of more than £20 billion in loans from the tax payer. Whether the recent fall off in business levels across the industry has affected the loan repayment schedule remains to be see.

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