Mortgages PLC announce 20% redundancies
31/10/2007
Mortgages PLC have confirmed that it will be making 20% of its
324 well-built workforce redundant.
The Merrill Lynch-owned firm are meeting with staff today to
make clear of the job losses.
It has created a discussion course of action with staff and it
is accepted that approximately 65 staff members representing
20% of the workforce will be affected in Glasgow, London and
regionally.
Deputy chief executive at Mortgages PLC, Peter Beaumont spoke
further: “Mortgages PLC, in common with most sub-prime
lenders, has had to rein in its new business activities until
such time as confidence is once again restored in the marketplace.
He added, "However, I would like to stress that Mortgages PLC
remains committed to the UK mortgage market.”
Mortgages PLC have been persistent with redundancy rumours in
the last month, subsequent to its sister lender Wave placing
26 staff in a consultancy phase.
During last week, its extraction from the medium adverse sector,
a budge preceded by many rate hikes and criteria converse, created
fears that people in this work force could face an amass.
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