Debt -
Northern Rock increase number of debt staff - 03/06/2008
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The troubled bank northern rock is set to increase the number of staff they have working in the debt management section of their company, according to a document seen by the BBC. The document revealed that the recently highly publicised bank, had approximately 176 workers in that department at the end of April. However the number is set to rise to about 444 by the ending of March 2009.
Northern rock is estimating that there is to be a dramatic rise in the number of individuals struggling to keep up their mortgage repayments. Executive chairman: of Northern rock, Ron Sandler stated that the level of Mortgages three months and over in arrears, stood at 0.95% at the end of April, up from 0.57 at the end of last year.
The bank itself is trying to cut its loan book down from £100 billion, to about £50 billion, as part of a strategic move to consolidate £24 billion pounds worth of government debt. Also as part of the post-nationalising reshuffle, staff numbers are set to decrease from about 5,400 to 3,400 by the year 2011, with most people finding themselves made redundant this year.
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