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Mortgage jobs axed

Mortgage Advice Bureau is the latest mortgage firm to cut staff numbers.

MAB is making eight redundancies as the sub-prime credit crunch saw a total of 222 jobs axed at four lenders.

Paragon last week cut 62 jobs at its Mortgage Trust subsidiary. Mortgages Plc and Kensington each axed 65 jobs while Edeus made 30 staff redundant.

MAB says it expects to expand significantly in 2008, with its franchise network increasing by 25 per cent from its current level of nearly 300 advisers. It says that expanding its franchise network means it will have to cut eight mortgage adviser roles at its head office.

MAB says: “All the eight roles affected by these changes are currently in consultation and it is hoped that as many as possible will be redeployed in other roles within Mortgage Advice Bureau.”

At the end of the consultation period, the Head Office Advice Centre will be renamed the Mortgage Advice Bureau Franchise Support Centre.

Chief executive Peter Brodnicki says: “We have piloted various head office support functions this year which have proved successful. We will be making further investment in these areas and it seems logical to focus our head office on supporting our franchisees exclusively. This is a strategic decision that will support our expected strong growth in 2008.”

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