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Axe hangs over 33 Vertex jobs

Vertex has confirmed that a further 33 jobs could be axed on its DB Mortgages’ account after a cut of 38 last November.

The move would see the number of Vertex staff working for DB Mortgages reduced from 159 to 126, a drop of 36 per cent in just four months.

After DB Mortgages was launched in April 2006, it signed a five-year outsourcing agreement which saw Vertex handle its mail, back-office functions, processing and data entry.

A source suggests that DB Mortgages has begun focusing on the prime sector as opposed to the heavy sub-prime niche it was set up for.

He believes that the business may be in the process of winding down its sub-prime operations before a relaunch or rebrand.

A Vertex spokeswoman confirms that it is in a 30-day consultation which could see 33 positions at risk. The consultation is due to end on March 3.

A Deutsche Bank spokeswoman insists that DB Mortgages will retain its UK mortgage origination arm but would not comment further.


Regulation plea for all loan business

Premier Mortgage Service managing director John Malone is calling on the Government to regulate the secured loan market and all other unregulated parts of the mortgage industry.The call comes in response to Black and White’s recent decision to withdraw from the regulated mortgage market to concentrate on unregulated areas such as secured loans, commercial loans, […]

Back-book causes backlog at ‘overloaded’ Windsor

Windsor Life has apologised after admitting its admin systems are struggling to cope with an increase in business following the transfer of Tomorrow’s pension back-book in December.Romilly Associates IFA David Stealey says Windsor Life’s systems have been “absolutely overloaded with administrative problems”. He says some policyholders are not getting their pensions while advisers and clients […]

Bradford & Bingley’s shares fall as pre-tax profit halves in 2007

Bradford & Bingley’s shares have fallen by over 10 per cent this morning as it reported a sharp fall in profits after cutting the value of risky assets.The lender’s underlying pre-tax profit has almost halved to £126m in 2007 from £246.7m in 2006.B&B claims that if it stripped out “unusual and extreme external events” then […]


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