Bradford & Bingley Cut 370 Jobs

Troubled mortgage lender Bradford & Bingley is cutting 370 jobs because of the continued downturn in the mortgage market. It is shutting a mortgage processing centre and cutting its sales team that deals with mortgage brokers. It is also making its remaining branch mortgage advisers redundant.

The lender said the moves were due to "the wider economic environment and the significantly reduced volume of new mortgage applications". The action is also expected to reduce costs by £14m annually.