Britain's embattled bank Northern Rock is to cut 1,300 of its staff, Sky News reported on Wednesday.
Talks with trade unions will result in 800 compulsory redundancies while another 500 will go voluntarily, bringing the total of those remaining in the bank at some 4,000.
With the majority of job cuts to take place this year, the Newcastle-based bank is still planning for an extra redundancy of 700 by the year 2011, said the report.
The move is part of the restructuring plan aims to downsize the bank's mortgage business while strengthening savings deposits.
The bank was nationalized at the start of this year following a funding crisis in the wake of the credit crunch. The bank had borrowed some 27 billion pounds (about 42.09 billion U.S. dollars)from the Bank of England to keep afloat.
By the end of May, Northern Rock owed taxpayers close to 24 billion pounds (48 billion dollars) which it aims to pay back by 2010. (1 U.S. dollar = 0.6415 pound)
Source: Xinhua
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