Hbos cuts jobs in mortgage shake-up

Hbos cuts jobs in mortgage shake-up

UK bank group Hbos is cutting hundreds of jobs under a restructuring of its mortgage operations, which includes the closing of its TMB brand.

Hbos, which is the UK's biggest mortgage lender, says its TMB unit will not accept new business from August 22. The division will be absorbed into the bank's BM Solutions unit.

The restructuring - which includes streamlining of its Intelligent Finance (IF) unit - will result in the closing of a mortgage processing centre. It is thought that this will lead to the loss of 325 jobs. A further 100 IT roles are also set to be cut as a result of the move.

In a joint statement, the Unite and Accord unions say the closure of the processing centre will affect jobs in Cardiff, Chester and Livingston. The unions say the move will also affect IT staff in Edinburgh, Chester and West Yorkshire.

Graham Goddard of Unite says: "This is a further blow for jobs in the UK financial services sector being brought about by the credit crunch and changing economic climate."

Comments: (0)