Northern Rock to cut 1,300 jobs


Northern Rock to cut 1,300 jobs
Northern Rock has confirmed 1,300 redundancies as part of its restructuring plan, with 800 of these compulsory.

The workforce is now being informed of which jobs are at risk, the bank said.

North-east-based Northern Rock expects 500 of the redundancies will be voluntary, while any other cuts are expected to be through natural staff turnover.

The troubled bank said it will retain a workforce of around 4,000.

The announcement comes after Northern Rock reached the end of its consultancy period with trade union Unite, which was pushing for no compulsory redundancies.

Executive chairman, Ron Sandler, said: "Confirming job losses is never easy but our staff have been kept well informed and the need to contract the size of the company is well understood.

"We have worked hard with Unite, and other employee representatives, to minimise the total number of job losses and in particular, to limit the number of compulsory redundancies to potentially around 800 jobs. We have been able to achieve around 500 of the job losses by voluntary means."

Northern Rock had previously said 2,000 jobs will go this year and said the figures reflect the levels of staff turnover.

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