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Network Data to make job cuts in MBSL merger

Network Data is set to reveal redundancies at the end of next week as a result of its merger with Manchester Building Society’s broking subsidiary MBSL.

Network Data chief executive Richard Griffiths says that following a review of overlapping resources between the two networks, it should be possible to reveal how many jobs will be cut within a week.

The stock market alert announcing the merger said: “There are a number of duplicated administrative functions such as accounts, marketing, training and competence and compliance.

“As such the board of Network Data expects the acquisition will lead to substantial cost savings by removal of these duplicated functions.”

MBSL currently employs 50 staff while Network Data employs 76.


Building bridges

It is no exaggeration to say that the seismic shocks of the last two months have pushed the public’s trust in financial institutions to the limit. But the economic crisis also presents advisers with the opportunity to actually build the trust of their clients.


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