The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
North East; Northumberland and Tyne and Wear; Tyneside
Location of affected unit(s)
Newcastle
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
150 jobs Number of planned job losses
Announcement Date
9 January 2009
Employment effect (start)
9 January 2009
Foreseen end date
9 April 2009
Description
Newcastle Building Society has announced that it is to make 150 people redundant at its head offices in Newcastle. The company, which employs 1,200 people, will not be closing any branches. A 90-day consultation process has started, with the company attributing the cuts to the reduction in demand for mortgages.
Sources
9 January 2009: BBC News
Citation
Eurofound (2009), Newcastle Building Society, Internal restructuring in United Kingdom, factsheet number 67782, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67782.
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