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B&B axes 600 jobs to slash costs by £40m

Bradford & Bingley is cutting 600 jobs.

It has already removed 150 roles from its core of 3,950 and expects to axe a further 450 posts by the end of 2005.

The job losses are part of a programme to cut costs and save the company £40m by the end of 2006.

Other savings will be made when the business is simplified following the sales of businesses. The company says it has no plans to reduce its number of branches.

B&B says its core lending business has continued strong performance, revealing that its non-core businesses are expected to be ahead of last year&#39s performance.

Group chief executive Steven Crawshaw says: “Our core selective lending business has continued the strong performance it showed in 2003 and arrears levels are extremely low.

“The buy-to-let market has continued to be robust, we have made progress in diversifying our funding base and we have been able to accelerate our plans for the delivery of cost savings from the core business.”

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