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Northern Rock job losses announced

Tuesday March 29th 2011

Around 680 more jobs are expected to be axed at Northern Rock as the bank presses ahead with cost-cutting measures, it has been announced.

The bailed out lender, which recorded an annual loss in 2010, said the job losses are required as it attempts to start making a profit again and return to private ownership.

The bank, which became taxpayer-owned in February 2008 following its collapse at the height of the credit crisis, had 6,500 employees working for it in 2007 but this latest announcement will see its workforce slashed to under 2,000.

Northern Rock was divided into two at the beginning of 2010 as the Government created a separate mortgage and savings bank called Northern Rock plc and Northern Rock Asset Management (NRAM) to house the more toxic loans.

Earlier this year, the Government launched a tender for advisers to look at options for Northern Rock plc, including a possible sale.

UK Financial Investments, which owns and manages the Government's bank stakes, recently announced the appointment of Deutsche Bank to advise it on options including a sale or flotation.

Copyright © Press Association 2011

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