GMAC-RFC is to cut 280 jobs as part of restructuring to cope with the ongoing turmoil and contraction in the mortgage market.
However, the firm says it remain committed to the UK mortgage market and hopes to lower its cost base to remain competitive.
The cut equates to around 40% of GMAC-RFC’s workforce, leaving around 400 employees. Consultations with staff will begin next week.
Simon Knight, chief executive of GMAC-RFC, comments: “Liquidity available for mortgages has continued to diminish in the UK market into 2008.
"The reduction in our workforce is a direct response to current market conditions, and reflects our expectation that these conditions will prevail for some considerable time.”
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