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Wave to cut around 20 jobs due to credit crunch

Merrill Lynch subsidiary Wave has confirmed it will be cutting around 20 jobs due to the credit crunch.

A spokesman for Mortgages Plc, Merrill Lynch’s other subsidiary, says he is not aware of any potential job cuts at the lender.

He says it cannot know for sure exactly how many jobs will be cut but it is currently going through a consultation process.

He says the fallout from the US sub-prime crisis has meant Wave has had to gear back business volumes.


Rent asunder

Growing repossession figures may be the first sign of cracks in the wall of buy-to-let lending that has grown up in the last few years and now rising interest rates and falling rental yields look set to further undermine the market’s foundations, says Samantha Downes

GMAC axes jobs and shuts sub-prime arm

GMAC-RFC has closed its sub-prime subsidiary High Street Home Loans and cut 266 jobs, around a quarter of the lender’s workforce.Corporate relations manager Julie Gaskin says it will be axing 200 jobs at GMAC and 66 jobs at Newcastle-based HSHL.She says it informed staff of changes at 3pm on Tuesday and will now enter a […]

Chief executive for Delivery Authority

Tim Jones has been named chief executive of the Personal Accounts Delivery Authority. Jones was chief executive of retail banking at Natwest and will take up the post immediately. He is currently co-director of the Centre for the Study of Financial Innovation.

Anger over IoD’s call to axe buy-to-let tax break

The mortgage industry has reacted angrily to the Institute of Directors’ call to scrap the buy-to-let tax break.The lobbyist’s policy paper, entitled, Encouraging Savings: A Better Tax Regime, is aimed at providing an attractive scheme for the taxation of savings on a sustainable basis.The IoD says this would require a series of measures designed to […]

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]


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