Bradford & Bingley announce further job cuts

Bradford & Bingley former boss Rod Kent apologised for the bank’s collapse yesterday on behalf of the board of directors and himself a few days before he steps down from his position.

Spanish banking giant Santander who owns Alliance & Leicester and Abbey brought Bradford & Bingley’s 200 branches and £20 billion worth of deposits back in September, and since have cut the workforce at B&B down to 1,000 from 3,300 staff members.

Rod Kent said that they are deeply disappointed and massively sorry about what happened and that the board hold themselves full responsible.

Bradford & Bingley were specialists in the self-certified and buy-to-let mortgages and were hit by the global credit crunch and a sharp rise in wholesale funding costs. Richard Pym will be taking over from Rod Kent on Friday as the new Executive Chairman.

Source: Guardian

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