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Northern Rock to double debt management staff

Northern Rock is to double its debt management staff in the coming year due to a worsening economic situation.

The lender warned earlier this month that arrears have more than doubled from the end of last year.

As part of its future strategy, the firm has already stated it plans to halve its mortgage book by 2011.

This comes as the lender sent an internal memo to staff saying that the bank’s debt management team would rise from 176 to 444 by the end of March next year.

It then plans to decrease this to 282 by December 2011.

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