Much like the people that were helped to get loans, Northern Rock employees are finding that they are now trying to remortgage their own homes as well. Numerous employees were laid off when the lender failed, and now, with nowhere else to go and the industry crumbling, these same employees are scrambling to get a remortgage before it is too late. Many had also secured their loans with the failed bank and they are finding that it is hard to find another bank willing to take on a Northern Rock remortgage. The problem could get worse as even more employees are let go over the next few months.”If downsizing goes ahead, Unite will be demanding that Northern Rock give a commitment to no compulsory redundancies,” said Graham Goddard, Unite deputy general secretary. “The workforce did not contribute to the situation which the bank now finds itself in and should not be expected to pay the ultimate price by being forced out of their jobs.” He added: “Throughout the last seven months of uncertainty the employees of Northern Rock have remained committed to the long-term success of the company. Decisions must not be made merely in the pursuit of short-term cost savings.”
Related reading: Uncategorized
Comment on this article