Derbyshire Building Society will be cutting up to 50 jobs and closing three branches as it looks to maximise cost-efficiency.
A spokesman for the lender says it has started a consultation period today which could see as many as 50 jobs lost. He says it is hoping to redeploy as many of the staff as possible.
Derbyshire also confirmed it will be closing down three branches but it would not comment on which branches this will affect.
This comes after the building society revealed a profit drop of 47 per cent last week. Derbyshire’s profit after tax was £8.7m for 2007, down from £16.4m in 2006.
It says that this decrease occurred after experiencing exceptional financing costs.