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Northern Rock will afford about 800 agents through compulsatory
redundancies to accomplish a absolute of 2,000 job cuts by 2011, the
nationalised coffer said.
The lender said it had consulted the Unite abutment and added
agent groups about the cuts, which will aswell cover 500 autonomous
redundancies and accustomed agents turnover. Workers are getting
abreast which jobs are at risk.
The compulsatory cuts will be bound by redeploying humans
abroad in the business area possible, the coffer said yesterday.
Northern Rock is aiming for a workforce of about 4,000 and any added
cuts will be fabricated through accustomed turnover.
Ron Sandler, the bank's controlling chairman, said: "Confirming
job losses is never simple but our agents accept been kept able-bodied
abreast and the charge to arrangement the admeasurement of the
aggregation is able-bodied understood.
"This charcoal a actual boxy time for our agents but the
restructure of the aggregation is advancing achievement and we are now
in the final appearance of this difficult process."
Mr Sandler is almost halving the admeasurement of Northern
Rock's antithesis area to accord added than £20bn of loans from the
Coffer of England. Once the coffer is bare down, the Government intends
to acknowledgment it to the clandestine sector.
Northern Rock grew rapidly to become the better private-sector
employer in the North-east but the bank's once-booming lending business
is now accomplishing basal business.
Today is the Government's self-imposed borderline for
appointment affirmation at the High Court for the administrative
analysis into the agreement of its nationalisation. Small shareholders
and barrier funds are arduous its arrange for compensation, which they
say are chic to amount the coffer at nothing.
The Treasury has accustomed applications from added than 10
abeyant valuers of the bank. A accommodation on the valuer is not
acceptable afore aboriginal September.
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