Socialist Worker

Northern Rock rotten to the core

Issue No. 2245

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.

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Tue 29 Mar 2011, 18:01 BST
Issue No. 2245
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