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.”