Newcastle Building Society

Type
Internal restructuring
Country
United Kingdom
Region
North East (England);
Location of affected unit(s)
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
126 jobs
Number of planned job losses
Job loss
Announcement Date
19 May 2010
Employment effect (start)
Foreseen end date

Description

The mutual Newcastle Building Society has announced plans to cut 126 jobs and close four branches in a bid to cut costs. The cuts will affect back office and management posts while the company said it would try to keep compulsory job losses to a minimum by offering voluntary redundancies and redeployment. Branches to close include West Road in Newcastle, Crook in County Durham, Yarm in Stockton-on-Tees and York.

Sources

  • 19 May 2010: BBC News ()

Citation

Eurofound (2010), Newcastle Building Society, Internal restructuring in United Kingdom, factsheet number 70763, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70763.