Taylor Wimpey stocks dive on job loss announcement

The firm, which also announced its group finance director Peter Johnson would stand down from the board at the end of the year, was due to announce a capital injection of £500m in a trading statement. The housebuilder has also decided to shut 13 of its 39 regional offices as part of a review of its UK business structure. It says it expects this to result in a reduction in overhead costs of approximately £45m a year from the fourth quarter of 2008. Taylor Wimpey says it expects the UK housing market to remain weak for at least the rest of the year and is pessimistic on any short-term re...