Job Cuts at Bradford and Bingley

Mortgage provider Bradford & Bingley (B&B) has just announced that it is cutting 370 jobs in an attempt to rein in costs. The move comes after B&B posted losses of £26.7 million in the first half of the year.

Three hundred of the job losses will come with the closure of its mortgage processing centre in Borehamwood, Hertfordshire. The company will transfer Borehamwood’s mortgage processing work to its larger operations centre at Bingley, West Yorkshire.

The buy-to-let specialist has been hit hard by the credit crunch and rising mortgage payment arrears. B&B hopes to save £15 million a year through the move.

The company warned that further cuts were to come following a review of its head office in Bradford. B&B employs around 3,000 staff and has 300 branches. The company’s shares fell 10% today, and have slumped more than 90% during the past year.