Northern Rock has announced 1,300 staff will lose their jobs as part of its restructuring programme.
The bank expects 500 staff to leave voluntarily but it will still need to make an additional 800 redundant to meet its objectives. Around 4,000 staff will remain at the bank though more are expected to go in the coming years as the restructuring plan hopes to cut 2,000 jobs in total. The news follows an announcement that Gary Hoffman will become the new chief executive of the bank on a £700,000 salary. If you would like to comment on this story, contact: John Bakie Tel: 020 7484 9805 e-mail: [email protected] IFAonline
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