As the financial crisis rumbles on, another lender has hit the rocks. Mortgage bank Bradford & Bingley has announced its intention to shed almost 400 jobs as it closes its mortgage centre in Hertfordshire.
From The Times ::
Shares in the bank, which is grappling with a flood of buy-to-let mortgages turning sour, slumped to a new all-time low today as it also revealed it was selling off more toxic assets for a bottom-line loss of £134 million.
B&B’s mortgage processing centre in Borehamwood, Hertfordshire, is to be closed with the 300 staff made redundant. A further 50 mortgage advisers in the branches are to be sacked, alongside some other sales staff.
B&B has been left reeling in the past few days by downgrades of its credit rating, leaving its standing in the money markets just one notch above “junk” status – a near impossible situation for a deposit-taking institution.
Tweet |
Sorry, the comment form is closed at this time.
26 Comments 15 Comments 4 Comments 15 Comments 46 Comments 39 Comments 34 Comments 19 Comments 33 Comments 34 Comments |
LATEST COMMENTS » Planeshift posted on Ten myths about housing benefit reforms in London » cjcjc posted on 49 universities are or were under occupation » Shatterface posted on Why Labour was right to reject Bob's drug policy » Watchman posted on 49 universities are or were under occupation » conspiracy theo posted on I know how let down Libdems must feel » Dunc posted on Why Labour was right to reject Bob's drug policy » Unity posted on John Pilger shames himself by attacking feminists over Julian Assange » Watchman posted on John Pilger shames himself by attacking feminists over Julian Assange » Tim Worstall posted on Why Labour was right to reject Bob's drug policy » DaveHill posted on Ten myths about housing benefit reforms in London » Milena Popova posted on 49 universities are or were under occupation » the a&e charge nurse posted on John Pilger shames himself by attacking feminists over Julian Assange » the a&e charge nurse posted on John Pilger shames himself by attacking feminists over Julian Assange » Mr S. Pill posted on 49 universities are or were under occupation » Mike Killingworth posted on Why Labour was right to reject Bob's drug policy |