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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.

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