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B&B cuts 370 jobs

Friday, 26 September 2008 12:45 PM

Bradford & Bingley has slashed 370 jobs with more staff cuts ahead as the bank reduces its mortgage operations.

The lender is closing a mortgage processing centre in Borehamwood, Hertfordshire and is making the remainder of its branch-based mortgage advisers redundant.

There will be 300 job losses from the Borehamwood site and 50 from branches. B&B also said it would be reducing its staff numbers within its intermediary distribution team.

The company is also reviewing its head office support functions, which will result in a further loss of jobs.

However, the bank said it will be expanding its arrears team by 70 positions to cope with the rising number of customers who are defaulting on their mortgage payments.

Chief executive Richard Pym said: "The changes we have announced today focus the business as a strong savings bank, reduce the size of our lending activities, and increase our capacity in arrears collection.

"We are a strongly capitalised bank now undertaking a complex transition with regrettable job losses, but we are planning to put the problems of the past behind us and have a business which is fit for purpose going forward."

The bank also announced a further loss of £133.8 million since the end of June, as it continued to write off investments affected by the subprime crisis.

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