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.
Chester, Cardiff and Livingston, Edinburgh, and West Yorkshire
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.9 - Other financial service activities, except insurance and pension funding
325 jobs Number of planned job losses
Announcement Date
13 August 2008
Employment effect (start)
Foreseen end date
31 December 2009
Description
The Mortgage Business (TMB) an arm of HBOS, is to close to new custom on 22nd August 2008, and its processing centre will be shut with the loss of 325 jobs by the end of 2009. The announcement follows a massive drop in pre tax profits and was said to be an attempt to streamline the business. HBOS has announced that it hopes to achieve the job losses by natural turnover and voluntary redundancy. Unite and Accord, the unions represented at the site, have described the job cuts as a blow but recognised the commercial logic for the changes.
Sources
13 August 2008: BBC Website
Citation
Eurofound (2008), The Mortgage Business (TMB), Closure in United Kingdom, factsheet number 66960, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66960.
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