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01/05/2008
Job Cuts Planned At Troubled Bank?
Troubled lender Northern Rock plans to axe 2,000 jobs within three years, it has been reported.
The bank has been struggling since last year due to unsettling financial conditions sparked off by the global credit crunch.
Long queues formed outside the bank last September as savers tried to withdraw their savings.
The Bank of England bailed out the stricken bank in "last resort" move after consultation with Treasury and the Financial Services Authority.
It is expected that Northern Bank bosses will announce the pending job losses next week.
Northern Rock boss Ron Sandler said last month that cuts were necessary for the bank to re-establish itself as a reputable lender "capable of being returned to the private sector".
It is believed that most of the job cuts will be in the north east of England where the bank is based.
Trade unions have warned that such a dramatic job cut will but a huge strain on local economy.
Unite members at the bank are demanding that management acknowledge their responsibilities to the staff and ensure that any redundancies are managed on a voluntary basis.
Graham Goddard, Unite Deputy General Secretary said: "If downsizing goes ahead, Unite will be demanding that Northern Rock give a commitment to no compulsory redundancies. The workforce did not contribute to the situation which the bank now finds itself in and should not be expected to pay the ultimate price by being forced out of their jobs."
Mr Goddard added there should be re-training and redeployment alternatives to compulsory redundancies.
The news will come as a blow to Prime Minister Gordon Brown as millions of voters are preparing to vote in local elections.
It is reported the bank is planning to cut by half its £110 billion mortgage book and has stopped taking new business.
The bank reduced its variable mortgage rates by 0.10% following the 10 April cut in the Bank of England Base Rate (BBR).
Northern Rock was formed on 1 July, 1965, as a result of a merger of Northern Counties Permanent Building Society and Rock Building Society.
The bank was taken into temporary public ownership in February this year.
(DS)
The bank has been struggling since last year due to unsettling financial conditions sparked off by the global credit crunch.
Long queues formed outside the bank last September as savers tried to withdraw their savings.
The Bank of England bailed out the stricken bank in "last resort" move after consultation with Treasury and the Financial Services Authority.
It is expected that Northern Bank bosses will announce the pending job losses next week.
Northern Rock boss Ron Sandler said last month that cuts were necessary for the bank to re-establish itself as a reputable lender "capable of being returned to the private sector".
It is believed that most of the job cuts will be in the north east of England where the bank is based.
Trade unions have warned that such a dramatic job cut will but a huge strain on local economy.
Unite members at the bank are demanding that management acknowledge their responsibilities to the staff and ensure that any redundancies are managed on a voluntary basis.
Graham Goddard, Unite Deputy General Secretary said: "If downsizing goes ahead, Unite will be demanding that Northern Rock give a commitment to no compulsory redundancies. The workforce did not contribute to the situation which the bank now finds itself in and should not be expected to pay the ultimate price by being forced out of their jobs."
Mr Goddard added there should be re-training and redeployment alternatives to compulsory redundancies.
The news will come as a blow to Prime Minister Gordon Brown as millions of voters are preparing to vote in local elections.
It is reported the bank is planning to cut by half its £110 billion mortgage book and has stopped taking new business.
The bank reduced its variable mortgage rates by 0.10% following the 10 April cut in the Bank of England Base Rate (BBR).
Northern Rock was formed on 1 July, 1965, as a result of a merger of Northern Counties Permanent Building Society and Rock Building Society.
The bank was taken into temporary public ownership in February this year.
(DS)
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30 July 2008
Northern Rock Reveals Job Cuts
Northern Rock is set to shed up to 1,300 jobs as part of a restructuring plan. The troubled bank, which was effectively nationalised this year, aims to limit the number of compulsory redundancies to 800, while 500 staff will leave voluntarily. The job cuts are in line with previously announced plans to cut 2,000 staff by 2011.
Northern Rock Reveals Job Cuts
Northern Rock is set to shed up to 1,300 jobs as part of a restructuring plan. The troubled bank, which was effectively nationalised this year, aims to limit the number of compulsory redundancies to 800, while 500 staff will leave voluntarily. The job cuts are in line with previously announced plans to cut 2,000 staff by 2011.
03 August 2010
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
19 June 2012
Unite Describes RBS Job Cuts As 'Brutal'
Unite union leaders have attacked an announcement by the Royal Bank of Scotland on Tuesday of "brutal" cuts of 600 jobs from its financial planning service. Unite said the cuts represented a 50% reduction in the department across the country. "These latest Royal Bank of Scotland job losses are brutal.
Unite Describes RBS Job Cuts As 'Brutal'
Unite union leaders have attacked an announcement by the Royal Bank of Scotland on Tuesday of "brutal" cuts of 600 jobs from its financial planning service. Unite said the cuts represented a 50% reduction in the department across the country. "These latest Royal Bank of Scotland job losses are brutal.
26 April 2012
2,200 Job Cuts Confirmed At HSBC
HSBC has confirmed that it is to cut more than 2,200 jobs in the UK as part of its global cost-cutting plans. Over 3,100 posts are being closed but the bank said that new roles were being created as well, which would result in 2,217 staff leaving.
2,200 Job Cuts Confirmed At HSBC
HSBC has confirmed that it is to cut more than 2,200 jobs in the UK as part of its global cost-cutting plans. Over 3,100 posts are being closed but the bank said that new roles were being created as well, which would result in 2,217 staff leaving.
05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
