Bailed out bank Northern Rock is to axe another 680 jobs—more than a quarter of its workforce.
The bank, which has been public-owned since the start of the financial crisis, is being prepared for re-privatisation.
The firm employed 6,500 people in 2007. The latest cuts would take that down to less than 2,000. Meanwhile its bosses are to spend £370 million to get back into the “securitisation” market that brought the bank to its knees.