NRock prepares for more repossessions

clock

Northern Rock is planning to double staff numbers at its debt management department, suggesting the nationalised bank is expecting repossessions and arrears to increase.

The plans were revealed as part of a document, leaked to BBC Newcastle, outlining the bank’s proposals to cut around 2,000 jobs over the next three years. According to the BBC, the firm had 176 full-time staff in its debt management arm at the end of April. Northern Rock plans to increase this number to 444 by the end of March 2009, before cutting staff numbers down to 282 by the end of 2011. The leaked memo also revealed the bank will not be cutting staff numbers in its savings division, but the number of staff dealing with lending will fall from 1,152 to just 369 by 2011. The increa...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Mortgages

Client conundrum: Mortgage overpayments versus investments

Client conundrum: Mortgage overpayments versus investments

1.4 million people will see mortgage deals end this year

Laura Suter
clock 22 February 2023 • 3 min read

Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock 08 July 2020 • 2 min read

FCA sounds alarm on equity release advice

'Tick-box exercise'

Hannah Godfrey
clock 17 June 2020 • 1 min read