CHL to cut 20% of staff

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CHL Mortgages has announced it is to make 20% of its staff redundant due to a changed focus on credit quality and margins.

The firm says it plans to make around 50 staff redundant from a total workforce of 250, as it plans to slow mortgage growth in 2008. Bob Young, managing director of CHL Mortgages, comments: “Unfortunately this move will have consequences for staff numbers in the business. We have briefed staff on the impact which we believe will lead to a reduction in headcount of approximately 50 people.” CHL is the latest in a series of lenders that have announced redundancies as the credit crunch continues to affect the mortgage industry. If you would like to comment on this story, contact: John Baki...

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