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

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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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