Northern Rock slashes 680 jobs

It says job losses would affect employees "at all grades across the company", but adds it hopes to minimise compulsory redundancies. The restructuring comes after Northern Rock announced earlier this month that it made a £232m loss in 2010. It says it entered 2011 with a "high retained cost base", following the separation of ‘good bank' Northern Rock plc from ‘bad bank' Northern Rock Asset Management. The job losses are intended to improve the lender's operational efficiency and bring employee numbers in line with its medium-growth expectations, as it prepares to return to the priv...