B&B will also be making “significant” cuts in its intermediary sales team, and
closing the mortgage processing centres in Borehamwood, Hertfordshire. B&B says it will be cutting 20 BDMs and key account staff from its Mortgage Express arm.
The troubled lender says these actions will result in the loss of 370 jobs by the start of 2009, with savings of £15m.
Any existing activities at the B&B’s mortgage processing centre in Borehamwood will transfer to the its larger operations centre in Bingley, West Yorkshire.
B&B will also be restructuring its Mortgage Express intermediary distribution team, which will be “reducing selling and support capability”. It says it will also be making further job cuts at its head office in the near future.
Newly appointed B&B chief executive Richard Pym says: “The changes we have announced today focus the business as a strong savings bank, reduce the size of our lending activities, and increase our capacity in arrears collection.
“We are a strongly capitalised bank now undertaking a complex transition with regrettable job losses, but we are planning to put the problems of the past behind us and have a business which is fit for purpose going forward.”