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B&B to shed 600 jobs

Bradford & Bingley announced today in its pre close briefing that it has already shed 150 employees from its core of 3,950, and expects to remove a further 450 by the end of 2005.

B&B says its core lending business has continued the strong performance of 2003, revealing its non-core businesses are expected to be ahead of 2003 performance. It says its sales process is on plan.

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.”


IFAs say future looks grim for with-profits

IFAs cannot see a future for with-profits products. Sixty-one per cent of IFAs in The One Account/Money Marketing State of the IFA Nation poll say they are not optimistic about the continuing presence of with-profits pensions in the marketplace and 52 per cent say they are doubtful about the future of with-profits bonds. Of the […]

ABI sets up group on HIV policy

The ABI is to set up an independent working group to advise the insurance industry on policy developments affecting HIV and insurance. It has already invited the Terrence Higgins Trust and to join. Issues likely to be discussed by the group include the evidence base for HIV risk, changing cultural attitudes encouraging responsible behaviour […]

MI&#39s Laker warns brokers on networks&#39 free PI deals

Mortgage Intelligence managing director Sally Laker has cautioned brokers to be aware of offers of free PI insurance by networks, saying high excesses will still leave brokers out of pocket. Laker says the small print of some offers states an excess of £10,000 while most PI claims for mortgages are only for around £5,000 to […]

Rooms with a view

The Diary hears of a rather unfortunate bungle at this year&#39s LIA annual conference. A computer bug caused more than a few embarrassed chortles when members were misdirected to the wrong rooms at London&#39s Hilton Metropole by hotel staff at the start of the conference. Guests ambled round the hotel searching for the right rooms […]

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]


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