Northern Rock to cut staff
Published March 18th, 2008
Northern Rock said on Tuesday that it plans to cut its staff by one-third as it downsizes its asset base by half and attempts to phase out financial support from the British government within four years.
The bank, which was taken into public ownership last month, now has about 6,500 employees. The mortgage lender says it intends to complete the staff cuts by 2011.
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