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Egg sell-off puts 600 jobs at risk

Monday July 25th 2011

More than 600 jobs are under threat after the internet bank Egg announced a further break up of the company.

US owner Citi has sold the bank's mortgage and savings arms to the Yorkshire Building Society, which will take on the Egg name.

However the Yorkshire will not be taking on Egg's 600 staff, the majority of which are based in Derby.

The latest sale comes after Citi sold off Egg's credit card arm to Barclays earlier this year.

Citi is to retain some staff as part of an outsourcing agreement with Yorkshire until the end of next year. It said it was in consultation over appropriate levels of staffing.

The US firm said it would be working with the building society to ensure the efficient transfer of customer accounts.

Copyright © Press Association 2011

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