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Northern Rock management team bid details emerge

Details of the independent rescue bid headed up by Northern Rock management team have emerged, with director Paul Thompson to meet the bank’s big shareholders this week in a bid to drum up support.

The Financial Times says that Thompson – a former investment banker and chief executive of Resolution Life – will discuss a proposal in which Northern Rock would continue as an independent company and will gauge support for an equity rights issue.

The deadline for Northern Rock bids is February 4.

The Daily Mail says that the in-house plan would see the mortgage lender cut to half its size, seeing thousands of job cuts.

Its sources indicate that half of its asset base would be cut although job and branch number would not be cut down as much as that.

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