Northern Rock confirmed on Friday that it was looked to axe 2,000 of its remaining 6,000 employees. And that this is after the bank has already lost 1,300 employees through their redundancy program.
The bank that is now publicly owned is saying that it is well on track in repaying the loan it owes to the government, in advance of its repayment schedule.
However, there is still an amount of £17.5bn owed to the government.
There is concern surrounding the ability of the bank to repay the rest of this loan as it does this by redeeming outstanding mortgages – through selling assets or passing mortgages onto other lenders. With the housing market continuing to fall, this may become more and more difficult.
Let us do all the work for you
