Northern Rock

“Northern Rock's banking operation in Guernsey is to close on 2 September, the bank has announced.”

“The bank said that the Guernsey operation no longer met its 'long-term commercial objectives' following a review of offshore operations.”

“Nationalised bank Northern Rock has said it plans to cut 650 jobs by the end of this year as part of its ongoing restructuring process.”

“Northern Rock currently employs about 4,500 people.”

“Northern Rock refuted the 990 figure, saying that related to the number of roles affected. After redeployment, the number of people losing their jobs would be 650, a spokesperson maintained.”

“Northern Rock also announced plans to close its final salary pension scheme to new contributions.”