Building society to cut 150 jobs

Newcastle Building Society has announced it is to make 150 workers redundant as a result of the downturn in the financial market.

The majority of losses are expected to be in the head offices in Newcastle city centre and Cobalt Business Park. There will be no branch closures.

A 90-day consultation period has begun. The Unite union said it wanted to avoid compulsory job losses.

About 1,200 people are employed by the mutual building society.

Colin Seccombe, chief executive, said: "The lending landscape is completely unrecognisable from what it was as little as six months ago.

Following the announcement by Nissan this ends a dark week for workers across the North East David Isabell, Unite

"Competition for retail funding, the main way that we as a mutual building society fund our lending, is extremely tough, and there is not the demand for mortgages that there was.

"We have unfortunately had to take this unprecedented decision to ensure that we remain efficient and in a strong financial position for the future, which is in the best interests of our members.

He added: "We are committed to remaining independent and are not looking to merge with another building society.

David Isbell, Unite regional officer, said: "Staff at Newcastle Building Society will be devastated to hear the news of 150 job cuts.

"Following the announcement by Nissan this ends a dark week for workers across the North East.

"Staff now face a weekend of anxiety. The priority of the union is to avoid any compulsory job losses."

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