Northern Rock to cut a third of its staff

MNB

Britain's trouble-ridden Northern Rock bank, which was nationalized on February 21, said that it will cut about 2,000 jobs and slash its home-loan book in half.

The job cuts, which account for about a third of its 6,500 staff, will be made by 2011 under plans to turn around the ailing bank's fortunes.

The Newcastle-based bank was nationalized in February after the credit crisis forced it to seek a Bank of England lifeline to fund its mortgage loan book.

Northern Rock must pay back the Bank of England loans, worth about Ł25 billion. (Xinhua)

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