Bradford and Bingley to cut a further 450 jobs

Bradford
and Bingley (B&B) has announced that is to cut a further 450 jobs as part
of a cost reduction programme that aims to save £35m in 2005, rising to £40m by
2006.

The
bank, which had already signalled the loss of 150 jobs earlier this year, is
reducing headcount in middle management, back office and support functions.

In
May, B&B chief executive Steven Cranshaw announced that the company would
sell off its non-core operations, including the estate agency business, the
surveying business and two independent financial advisers.

The
sell-off and latest job cuts will take the total headcount from 7,850 down to
3,500.

By Daniel Thomas

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