Kensington to cut 65 jobs as credit crunch takes toll

The lender, specialising in sub-prime, self-cert and buy-to-let cases, says the redundancies will affect 20% of Kensington’s workforce. The bombshell follows an announcement by Mortgages Plc earlier this week there will be a 20% cut in staff numbers. The company says it plans to lower its cost base because of illiquidity in capital markets. It will use redundancies as well as increasing the amount of automation in its processes. Alison Hutchinson, chief executive of Kensington, says: “We have said all along that we would make tough decisions. "We must ensure the company has a business m...