Newcastle BS cuts 150 jobs

The mutual said the decision had been made in order to maintain the Society's position in light of expected difficult trading conditions in 2009. Following a review of its resource requirements to service third party contracts in its Strategic Solutions division, which provides outsourced services to other institutions, and the mutual concluded that due to a combination of the demise of the former Icelandic internet bank Icesave, and forecast business levels for 2009, current staffing in this area cannot currently be supported. A formal 90-day consultation period has begun. While the re...