Platform has confirmed it will be making a fifth of its workforce redundant as it moves to restructure its business as a result of the credit squeeze.
The lender says it will cut up to 65 jobs, predominantly in sales and marketing, from its workforce of 305.
It will restructure its sales team to give better support to customers and a new proposition department will combine the functions of marketing, product development and e-commerce. It will also create a lending services department consisting of a mortgage processing team and a service management function.
Managing director David Tweedy says: “We initially took the stance that we would wait until the market stabilised before taking any action but unfortunately, owing to worsening market conditions, we are forced to reassess the situation.
“We have been able to keep job cuts to a minimum through controls on recruitment throughout 2007 by utilising a new group-wide redeployment process. The impact is much less than we are seeing with most of our competitors but it is likely that up to 65 colleagues will lose their jobs.”