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Future of DB Mortgages unclear as Dudgeon axed

Deutsche Bank has refused to comment on the long-term future of DB Mortgages after it confirmed that managing director Bill Dudgeon has been made redundant.

A spokeswoman for the bank would not say whether fellow directors Mark Bergin, David Parry and Paul Graham, who joined DB Mortgages with Dudgeon from The Mortgage Business in 2005, are still at the lender.

Dudgeon’s departure comes as Deutsche Bank makes sweeping redundancies across the group, cutting 300 jobs in its global markets division.

Money Marketing revealed in August that DB Mortgages had withdrawn its entire sub-prime range as a result of the credit crunch.

Outsourcing firm Vertex has since cut 38 jobs on its DB Mortgages account. At the time, it said DB Mortgages had reviewed its strategy within the mortgage market for 2008 and would be implementing a revised business model requiring the reduction of costs within the business.

DB Mortgages moved most of its staff to Vertex, with only eight people thought to have remained employed directly by Deutsche Bank in November.

A Deutsche Bank spokeswoman would not confirm how many people are still employed at DB Mortgages. The bank publishes its full-year results on February 7 when more details on its structure will be revealed.

John Charcol senior technical manager Ray Boulger says it is unlikely that Deutsche Bank will continue with DB Mortgages.

He says: “Once you have made the managing director redundant, you have pretty much stopped operating the mortgage lender. It is pretty obvious they will not come back into the market until the funding situation improves. I do not see that happening this year. They might almost have to start again.”

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