Northern Rock has revealed details of 2,000 redundancies to take place over the next few years.
The bank has submitted its plans to the Department for Business Enterprise and Regulatory Reform and will begin a 90-day consultation with unions. Staff numbers at all levels will be reduced by around 2,000 by 2011, with the majority expected to take place in 2008. Rob Sandler, executive chairman of Northern Rock, comments: “In order to meet our previously stated corporate objectives, it is necessary for us to contract to a smaller and more sustainable business. “Regrettably, this is likely to involve a reduction in current staffing levels of around 2,000 and a restructuring of the comp...
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