Dr Kenneth Noisewater 0 Posted March 18, 2008 Share Posted March 18, 2008 Northern Rock to cut 2,000 jobs Northern Rock has said it will cut about 2,000 jobs and reduce its residential mortgage lending by half. The job cuts, which account for about a third of its staff, will be made by 2011 under plans to turn around the ailing bank's fortunes. The Newcastle bank was nationalised in February after the credit crisis forced it to seek a Bank of England lifeline, to fund its mortgage loan book. Northern Rock must pay back the Bank of England loans worth about £25bn. The bank needs European regulators to approve its rescue plan, and the EU Commission has began examining details of Northern Rock's proposals. Under EU rules, public support can be allowed to stop firms from going bankrupt, but long-term government aid that is seen to undermine competition is not allowed. EU spokesman Ton van Lierop said: "To be viable without state guarantees it is clear that Northern Rock must shrink... Fair competition must be ensured between all banks." The Commission has already had formal complaints from Danish banks alleging unfair competition in the European banking sector following the aid given to Northern Rock. 'Sustainable business' Northern Rock is one of the biggest employers in the North East, with about 6,500 staff. A task force, the Northern Rock Response Group, has been established to help those affected find new employment. Regional development agency One NorthEast is leading the response group, under the agency's chief executive, Alan Clarke. Mr Clarke said the news was a "setback" for the regional economy and, in particular, the loyal and dedicated Northern Rock workforce. But he added: "All the evidence shows that there is strong demand in the North East for the skills that many of Northern Rock workers possess and the vacancies are there to retain as many of these skilled workers in our region as possible." The Unite union said it would oppose any plans for compulsory redundancies at Northern Rock. It is seeking assurances that the workforce will be reduced through purely voluntary means. "The union will be working to mitigate the implications of the recent crisis on the employees, who have been working tirelessly to ensure there is a sustainable business in the future," said Graham Goddard, Unite deputy general secretary. "Unite will now be pressing the company for the detailed plans and will oppose any plans for compulsory redundancies." The UK Shareholders Association (UKSA) is to announce legal action by Northern Rock shareholders on Wednesday who want "fair recompense" for the compulsory purchase of their shares by the government. Link to comment Share on other sites More sharing options...
nufc4ever 0 Posted March 18, 2008 Share Posted March 18, 2008 Gemmill is back! Link to comment Share on other sites More sharing options...
Jusoda Kid 1 Posted March 18, 2008 Share Posted March 18, 2008 Gemmill is back! Basically getting rid of that big, ginger Mook, is getting rid of a 3rd of the workforce Link to comment Share on other sites More sharing options...
Gemmill 47372 Posted March 19, 2008 Share Posted March 19, 2008 Nice. Link to comment Share on other sites More sharing options...
Guest Stevie Posted March 19, 2008 Share Posted March 19, 2008 I hope you don't lose your job Gemmill, and two of my mates who have quite senior positions there, but this couldn't have happened to a nicer company, nobheads. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 19, 2008 Share Posted March 19, 2008 A match made in heaven when they sponsored us. Going down the pan together. Link to comment Share on other sites More sharing options...
Guest alex Posted March 19, 2008 Share Posted March 19, 2008 I hope you don't lose your job Gemmill, and two of my mates who have quite senior positions there, but this couldn't have happened to a nicer company, nobheads. Not had much to do with them although I had a mortgage with them when I used to have my flat but they seem like a pretty benevolent organisation to me. Biggest charitable donors in the North East iirc. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 19, 2008 Share Posted March 19, 2008 I hope you don't lose your job Gemmill, and two of my mates who have quite senior positions there, but this couldn't have happened to a nicer company, nobheads. Not had much to do with them although I had a mortgage with them when I used to have my flat but they seem like a pretty benevolent organisation to me. Biggest charitable donors in the North East iirc. We might be a home for old crocks, but I never realised we'd registered as a charidee. Link to comment Share on other sites More sharing options...
Meenzer 15873 Posted March 19, 2008 Share Posted March 19, 2008 Biggest charitable donors in the North East iirc. That's how they should have spun the whole "offering 125% mortgages to people with dodgy credit histories and properties worth 7x their annual income" thing IYAM. Link to comment Share on other sites More sharing options...
Guest Stevie Posted March 19, 2008 Share Posted March 19, 2008 I hope you don't lose your job Gemmill, and two of my mates who have quite senior positions there, but this couldn't have happened to a nicer company, nobheads. I worked for them briefly in my youth and I hated my bosses, one fat old cow of a woman in particular, and a lot of the staff there, I seriously looked in to doing a Timothy McVeigh. Link to comment Share on other sites More sharing options...
Guest alex Posted March 19, 2008 Share Posted March 19, 2008 And you say you don't bear grudges? Link to comment Share on other sites More sharing options...
Craig 6703 Posted March 19, 2008 Share Posted March 19, 2008 Nice. I take it from that concise response you might well be one of those in the firing line? Hope not for your sake Link to comment Share on other sites More sharing options...
Jusoda Kid 1 Posted March 19, 2008 Share Posted March 19, 2008 Nice. I take it from that concise response you might well be one of those in the firing line? Hope not for your sake Same here, just having a pop as I don't get the chance much lately Link to comment Share on other sites More sharing options...
Park Life 71 Posted March 19, 2008 Share Posted March 19, 2008 I hope you don't lose your job Gemmill, and two of my mates who have quite senior positions there, but this couldn't have happened to a nicer company, nobheads. I worked for them briefly in my youth and I hated my bosses, one fat old cow of a woman in particular, and a lot of the staff there, I seriously looked in to doing a Timothy McVeigh. Link to comment Share on other sites More sharing options...
nufc4ever 0 Posted March 19, 2008 Share Posted March 19, 2008 Nice. I take it from that concise response you might well be one of those in the firing line? Hope not for your sake This. Link to comment Share on other sites More sharing options...
Tooj 17 Posted March 19, 2008 Share Posted March 19, 2008 Not good man. Link to comment Share on other sites More sharing options...
JaMoUsE 0 Posted March 19, 2008 Share Posted March 19, 2008 ive worked at NR for 3 years now. Think ill take redundancy when its offered in Arpil/May should get 6k so im happy with that. Started looking elsewhere for a job already Link to comment Share on other sites More sharing options...
Dr Kenneth Noisewater 0 Posted March 19, 2008 Author Share Posted March 19, 2008 (edited) I hope the silly old fuckers who emptied out their savings accounts after being reassured their money was safe are satisfied. Edited March 19, 2008 by Dr Kenneth Noisewater Link to comment Share on other sites More sharing options...
Gemmill 47372 Posted March 20, 2008 Share Posted March 20, 2008 Nice. I take it from that concise response you might well be one of those in the firing line? Hope not for your sake Nah, no one knows yet - I guess everyone's in the firing line until we hear for definite. Not too worried either way tbh. Cheers though. Link to comment Share on other sites More sharing options...
Rob W 0 Posted March 20, 2008 Share Posted March 20, 2008 2000 people in 3 years isn't good but its not disastrous either - they probably "churn" several hundred in a normal year so a hiring freeze will probably get them there without too many forced redundancies Link to comment Share on other sites More sharing options...
Park Life 71 Posted March 21, 2008 Share Posted March 21, 2008 Nice. I take it from that concise response you might well be one of those in the firing line? Hope not for your sake Nah, no one knows yet - I guess everyone's in the firing line until we hear for definite. Not too worried either way tbh. Cheers though. You'll land on yer feet Gemma whatever happens. Link to comment Share on other sites More sharing options...
Rob W 0 Posted March 23, 2008 Share Posted March 23, 2008 maybe they'll open a shipyard or a pit for them to work in........................ Link to comment Share on other sites More sharing options...
Guest BigThompers Posted March 23, 2008 Share Posted March 23, 2008 Nice. I take it from that concise response you might well be one of those in the firing line? Hope not for your sake Nah, no one knows yet - I guess everyone's in the firing line until we hear for definite. Not too worried either way tbh. Cheers though. You'll land on yer feet Gemma whatever happens. You'll be hoping he lands on all-fours, yes? Link to comment Share on other sites More sharing options...
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