Newcastle Building Society

Type
Internal restructuring
Country
United Kingdom
Region
North East (England); Northumberland, Durham and Tyne & Wear; Tyneside
Location of affected unit(s)
Newcastle
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
150 jobs
Number of planned job losses
Job loss
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://apps.eurofound.europa.eu/restructuring-events/detail/67782.