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.
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