Northern Rock to cut a third of its staff
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 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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