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Press Release

Union response to Northern Rock cost cutting measures

8 June 2010

Rob MacGregor, Unite national officer said: "The decision by Northern Rock management to cut over 20% of its workforce and alter the pensions of the remaining staff is devastating. Such massive changes represent a total reappraisal of the service the bank provides to it’s customers.

"Since 2008 Northern Rock has reduced its employees by over 2,000, yet staff are being told today that the business has not restructured sufficiently to be cost effective. There are now serious questions about how change, in this important North East based financial institution, is being managed.

"It is unacceptable that we are now seeing rash decisions based on a short-term management strategy in order to make Northern Rock appear more attractive to a private seller. It is now essential that there is political intervention to prevent this business being dramatically scaled back and prepared for sale.

"The scale of these job losses and pensions changes will be painful process for every one of the 4,500 staff at the bank. Unite will be doing everything we can to save the jobs and future of Northern Rock."



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