Northern Rock bids goodbye to loyal staff

Knoxville News.Net
Friday 29th August, 2008

In the UK, the beleagured Northern Rock bank, in an effort to streamline, has made redundant 1,300 staff.

Of the staff made redundant, 500 were voluntary and 800 were compulsory.

Northern Rock said that it now needed less office space and would also seek to sell or offer to let two office developments near Newcastle.

Executive chairman Ron Sandler, in announcing the redundancies said: 'We must now look to the future, deliver our plan and return this business back to health and profitability in the coming years.'

Northern Rock was nationalised in February following the first run on a British bank in more than a century.

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