Newcastle Building Society announces redundancies

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Newcastle Building Society announces redundancies

Fri 9th Jan 2009

Newcastle Building Society has become the latest company to announce that it will make some of its staff redundant due to the effects of the ongoing economic downturn.

The building society issued a statement today saying it would shed staff from its strategic services division as it attempts to cut back on costs.

Newcastle Building Society issued a statement which claimed that the collapse of the Icelandic bank Icesave is partially to blame and that its business forecasts for 2009 meant it could not retain all its employees.

Colin Seccombe, Newcastle Building Society's chief executive, said: "We are extremely disappointed to have to make these redundancies, which are a direct result of the unprecedented downturn in the financial markets that we, and most other financial institutions, are experiencing."

Earlier this week, Barclays Bank announced that 400 people working for its IT department would also lose their jobs.

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