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Northern Rock to cut 1,300 jobs

Northern Rock has confirmed today it will be cutting around 1,300 jobs through redundancy.

This will be made up of around 500 voluntary redundancies and 800 compulsory redundancies.

The lender’s workforce is currently being informed of which jobs are at risk of redundancy. Those staff at risk have entered an individual consultation process which will last around 30 days.

Northern Rock previously announced that it would be reducing its workforce by around 2,000 jobs by 2011, with the majority leaving this year.

The lender will keep a workforce of around 4,000.

Executive chairman Ron Sandler says: “Confirming job losses is never easy but our staff have been kept well informed and the need to contract the size of the company is well understood. This remains a very tough time for our staff but the restructure of the company is nearing completion and we are now in the final phase of this difficult process.”

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