State-owned Northern Rock to cut up to 680 more jobs

28th March 2011, Comments 0 comments

British bank Northern Rock, nationalised three years ago to avert financial meltdown, said Monday that it planned to cut up to 680 jobs by the end of 2011.

The state-owned bank, which recently posted an annual loss, said the cuts were necessary as it tries to return to profit and prepare for a return to private ownership.

A spokeswoman told AFP that the bank planned to axe "up to about 680 (jobs) by the end of the year" on top of thousands since 2007.

© 2011 AFP

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