Skipton Building Society announce restructuring (From Bradford Telegraph and Argus)

Skipton Building Society announce restructuring

9:14am Wednesday 27th January 2010 in

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Ninety jobs are at risk at Skipton Building Society as part of a restructuring of the business.

It could see 56 redundancies at head office in Skipton, and 34 at its satellite centre in Scarborough.

But about 20 new roles have been created.

The announcement comes less than a week after the society changed its mortgage terms due to “exceptional circumstances” caused by the credit crunch, meaning thousands of borrowers will pay an extra £2,000 a year in interest charges.

The changes include creating a management retail board and cost efficiencies to create a leaner and more efficient company.

Other changes include the amalgamation of two Leeds branches.

Several IT support functions and its mortgage administration subsidiary Homeloan Management Limited (HML) will also be joined together within Skipton.

David Cutter, chief executive of the Skipton Group, said yesterday: “Today’s announcement represents the second stage of a strategic plan designed to garner our business for the future.

“Some tough decisions are required in order to ensure our business is in the best possible shape to face the future and to grasp opportunities – hence today’s announcement.

“We understand the impact of these decisions on our members and our staff and we have not made them lightly.”