680 jobs get axed at Northern Rock
Northern Rock plans to cut 680 jobs by the end of the year to help reduce costs because they're really spectacularly awful at being a financial institution that makes money.
As such, they'll be on the phone to the union Unite and others to grin inanely while chewing their fingers to the quick while looking at ways of firing people or, as they prefer, 'restructure the business'.
These cuts will see the company with under 2,000 staff left on the books. Northern Rock employees are becoming rarer than griffin cutlets.
Chief executive, Ron Sandler, says: "In order to meet our agreed objectives, we must continue to manage our cost base, which is too big relative to the size of the company. Regrettably, this will involve job losses."
"Our aim is to minimise compulsory redundancies where possible and we will offer voluntary redundancy. This is an unsettling time for our employees, who have been through a lot in the last few years. We will keep them well informed throughout the process and provide support to those who are affected."
This comes on the back of the news from earlier in the month, which stated that Northern Rock reported an impressive £223.4 million net loss for 2010.
Sandler added: "Economic and trading conditions remain very challenging for a bank like Northern Rock. The mortgage market remains subdued, and the low interest rate environment continues to act as a headwind for banks and building societies primarily funded from retail savings."
He presumably then considered ending his life.