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Mortgages PLC announce 20% redundancies

31/10/2007

Mortgages PLC have confirmed that it will be making 20% of its 324 well-built workforce redundant.

The Merrill Lynch-owned firm are meeting with staff today to make clear of the job losses.

It has created a discussion course of action with staff and it is accepted that approximately 65 staff members representing 20% of the workforce will be affected in Glasgow, London and regionally.

Deputy chief executive at Mortgages PLC, Peter Beaumont spoke further: “Mortgages PLC, in common with most sub-prime lenders, has had to rein in its new business activities until such time as confidence is once again restored in the marketplace.

He added, "However, I would like to stress that Mortgages PLC remains committed to the UK mortgage market.”

Mortgages PLC have been persistent with redundancy rumours in the last month, subsequent to its sister lender Wave placing 26 staff in a consultancy phase.

During last week, its extraction from the medium adverse sector, a budge preceded by many rate hikes and criteria converse, created fears that people in this work force could face an amass.


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