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B&B hits new low

Shares in troubled lender Bradford & Bingley dropped to an all-time low this morning amidst job cuts and toxic asset bailouts.

Shares fell to 16.75p this morning, their lowest ever price since the lender floated in December 2000.

Yesterday, B&B revealed it was to cut 300 jobs from its Mortgage Express processing branch in Hertfordshire as well as axing its last 50 in-store mortgage advisers. It also increased its debt division in Yorkshire by 70 staff.

The lender also revealed yesterday that it has dumped more than £300m of toxic assets from its balance sheet. Its balance sheet is now worth £494m, down from £747m in June.

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