Northern Rock confirms 1,300 job cuts

The nationalised bank is attempting to streamline its operations and cut costs in order to weather the credit crunch and repay its taxpayer loans. Northern Rock confirmed 500 staff have taken up voluntary redundancy, while a further 800 were compulsory redundancies. Those who are being made redundant have either left the firm already or will do so today. The firm is now looking to sell or let some of its office space that it no longer needs, but will keep its main offices in Gosforth and Doxford Park. Northern Rock is aiming to reduce staff numbers by around 2,000 in total by the end of...