Darlington Building Society to cut jobs
DARLINGTON Building Society is to cut 19 of its 150 workforce as demand for mortgages slumps.
A spokesman said the losses would be achieved through natural wastage and voluntary redundancy over the next few months.
The Society stressed the reduction was solely in response to the downturn in the housing market and not as a result of financial pressures elsewhere. Newcastle Building Society yesterday announced 150 redundancies, partially as a result of the loss of a key client, the online savings bank Icesave, a division of the failed Icelandic bank Landsbanki. Newcastle said the lending landscape was “completely unrecognisable from what it was as little as six months ago”.
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