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23/08/2001
Bradford & Bingley to cut 500 jobs
Bradford & Bingley plc have issued their interim results for the half-year ended 30 June 2001 which reveal that the company may have to cut up to 500 jobs.
Despite a 22 per cent rise in profits, the company is committed to reducing operating costs by around £30 million by the end of 2002, resulting in the job losses.
A company statement said: “Our programme to reduce the run rate of underlying costs continues. In the first half, we completed the implementation of the retail rationalisation programme announced in February.
“The next wave of cost reduction is focused on rationalising our operating centres and reducing group overheads. The programme is expected to deliver underlying cost savings of £30 million by the end of 2002, compared with the run rate at the end of 2000.”
The job cuts are expected to take place over the next 18 months in the company’s operating centers. (GB)
Despite a 22 per cent rise in profits, the company is committed to reducing operating costs by around £30 million by the end of 2002, resulting in the job losses.
A company statement said: “Our programme to reduce the run rate of underlying costs continues. In the first half, we completed the implementation of the retail rationalisation programme announced in February.
“The next wave of cost reduction is focused on rationalising our operating centres and reducing group overheads. The programme is expected to deliver underlying cost savings of £30 million by the end of 2002, compared with the run rate at the end of 2000.”
The job cuts are expected to take place over the next 18 months in the company’s operating centers. (GB)
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