GMAC-RFC to close High Street sub-prime subsidiary

The lender says it will create cost efficiencies across the company, scale back several operational divisions and make 200 staff redundant, in an effort to cope in the changing UK market. Simon Knight, CEO of GMAC-RFC, says: “While the majority of our business is in the prime space, we are not immune to the unprecedented volatility in the global credit markets which lenders have been facing. "We have to react quickly to change and these moves are designed to put us in a very strong competitive position for next year and beyond.” Knight says redundancies and the closure of High Street Hom...