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)
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other monetary intermediation
680 - 1,850 jobs Number of planned job losses
Announcement Date
28 March 2011
Employment effect (start)
Foreseen end date
Description
Newcastle based nationalised bank Northern Rock has made a further announcement of restructuring revealing that its workforce will be reduced to under 2000 staff. The bank announced that it was to cut 650 staff from its 4500 remaining last October (reported in factsheet 15632). The current announcement only reveals 680 job losses, however the firm has confirmed that it is to reduce its workforce to under 2000, suggesting that more cuts have already been made than have to date been announced. Group chairman, Ron Sandler said that they would try to avoid compulsory redundancies where possible.
Sources
28 March 2011: BBC Website
Citation
Eurofound (2011), Northern Rock, Internal restructuring in United Kingdom, factsheet number 71824, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71824.
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