Previous building society Bradford & Bingley is to cut staff numbers by about 500 as it endeavors to diminish costs, it said today The group, which utilizes about 6,900 people, needs to “rationalise” its property portfolio what’s more, focus its

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Previous building society Bradford & Bingley is to cut staff numbers by about 500 as it endeavors to diminish costs, it said today
The group, which utilizes about 6,900 people, needs to “rationalise” its property portfolio what’s more, focus its southern operations focuses into less areas in an exertion to spare £30 million by the end of 2002
The move takes after a program reported in February, to cut 300 staff by shutting a number of bank branches what’s more, domain agencies
The declaration came as B&B, which glided on the London Stock Trade on December 4, said pre-tax benefits for the half year to June 30 rose to £119 7 million, 22% higher than the same period the past year
The rise was principally due to lower one-off charges in the last half year
Profits in the to start with half of 2000 were hit by £31 2 million of costs, to a great extent related to the float, while in the to begin with half of 2001, the gathering brought about costs of £10 1 million, principally due to reorganisation plans what’s more, repetition costs
Stripping out these items, benefits came in at £129 8 million, hardly up on £129 5 million last time
Christopher Rodrigues, B&B boss executive, said: “The business has succeeded in its to begin with six months as a plc ”
He said the gathering would keep a “weather eye” on monetary conditions what’s more, their affect on prospects for retail budgetary administrations what’s more, the lodging market
Commenting on the contract market, Rosemary Thorne, back chief said: “So far we haven’t seen any slowdown There is a part of talk about the financial climate, be that as it may it is extremely unique to the 90s ”
Although the gathering had to “keep an eye” on conditions “we don’t feel this is going to be anything like the suggestions of the early 90s”, she added
Commenting on hypothesis that B&B has been the target of takeover attention, Ms Thorne said: “We have had no approaches to date what’s more, we are concentrating on our strategy ”
She said the group’s favored methodology was independence, yet added: “If the cost is right, everybody is accessible to sale ”
B&B said the work cuts declared today would be made over the next 18 months
The cuts are centered on working focuses what’s more, will not include any further branch closures The group, which shut 11 branches in the last half year, has 525 branches

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