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Latest NewsEconomics, government & businessJob creation and lossesLabour market

Mortgage misery extends to job cuts at UK’s 10th biggest lender

by Gareth Vorster 16 Apr 2008
by Gareth Vorster 16 Apr 2008

The UK’s 10th biggest mortgage lender, GMAC-RFC, is set to axe 280 staff as part of a cost-saving exercise that confirms speculation about a slowdown in the market.

GMAC-RFC cut 200 jobs in October 2007, according to business website, IFAonline. And the closure of its direct-to-consumer arm High Street Home Loans further reduced its head count to 600.

GMAC-RFC chief executive Simon Knight said he was committed to supporting affected employees.

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“The reduction in our workforce is a direct response to current market conditions, and reflects our expectation that these conditions will prevail for some considerable time.

“In a much smaller market, it is sadly necessary to take this step,” he said.




Gareth Vorster

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