Bradford & Bingley announce job cuts as financial crisis continues
Bradford & Bingley today announced that it will be cutting 370 jobs, as the financial crisis continues and a sharp downturn in the mortgage markets. The redundancies will affect its sales team that deal specifically with mortgage brokers and the 50 remaining mortgage advisors that are based in branches.
The bank’s announcement has fuelled speculation that Bradford & Bingley will be the next financial institution to suffer because of the credit crisis.
Bradford & Bingley was quick to add that it has no plans to close any of its High Street stores and will be taking on an additional 70 staff to deal with collecting payments off customers that are behind on their repayments.
Bradford & Bingley’s share prices also took a hit on the news, and dropped to a record low of just 23p per share.