help; NATIONALISED B&B what will happen to my job

booho

Hi i work for B&B can anyone tell me what will happen to jobs if the bank is nationalised. I have just seen on the news that it will either be nationalised or taken over BY MONDAY. Will all jobs be lost or will the government keep the staff to continue the business.

Or if it is taken over by another bank does that meen all the work will be tranfered to another company also...

I knew something was going to happen but thought it would be early nxt year.:mad:

tomstickland

It's being nationalised, see the BBC news.

Woby_Tide

it will still be run as a going concern in teh short term hence it being nationalised otherwise they would have let if fail. It's likely to be split up by the sounds of it but for the time being I guess you'll carry on as normal(and be busier than usual)

booho

Woby_Tide wrote: »

it will still be run as a going concern in teh short term hence it being nationalised otherwise they would have let if fail. It's likely to be split up by the sounds of it but for the time being I guess you'll carry on as normal(and be busier than usual)

so they wont transfer the work to the other banks.. don't want to be made redundant just before christmas

dunstonh

I would be looking for a new job. It wont go in the next few weeks but by all accounts, unlike other mergers and buy outs, no-one appears to want the B&B branch network. The bad stuff is going to Northern Rock (AKA the UK Toxic Bank) and the rest of it sounds like its going to be sold off with different bits going elsewhere.

Branches are likely to remain open for the short term to cover handovers and then closures will follow.....assuming everything goes as being hinted at present.

The B&B brand is to cease. Some staff are likely to be retained after closures but many are going to be made redundant.

booho

dunstonh wrote: »

I would be looking for a new job. It wont go in the next few weeks but by all accounts, unlike other mergers and buy outs, no-one appears to want the B&B branch network. The bad stuff is going to Northern Rock (AKA the UK Toxic Bank) and the rest of it sounds like its going to be sold off with different bits going elsewhere.

Branches are likely to remain open for the short term to cover handovers and then closures will follow.....assuming everything goes as being hinted at present.

The B&B brand is to cease. Some staff are likely to be retained after closures but many are going to be made redundant.

thank you.. I cant believe it they told us after they closed borehamwood Thursday. our Jobs will be safe and we will taking on all the extra work from there.. No hint of this happening. I've got visions of going to work Monday and finding an empty building with a for sale sign....

dunstonh

Sorry. However, if its any consolation, I was made redundant many years ago and it forced me to make a decision on my career that turned out to be the best thing that ever happened to me. We were notified in December and historically December is a common time for redundancies to occur (although with various rules we were paid through to April of the following year).

There is still only news leaking and rumours but if its broken up as suggested and no-one interested in buying the branch network then it looks very very bleak for branch staff.

jscalow

booho wrote: »

Hi i work for B&B can anyone tell me what will happen to jobs if the bank is nationalised. I have just seen on the news that it will either be nationalised or taken over BY MONDAY. Will all jobs be lost or will the government keep the staff to continue the business.

Or if it is taken over by another bank does that meen all the work will be tranfered to another company also...

I knew something was going to happen but thought it would be early nxt year.:mad:

Boho- don't panic. There are so many rumours, come the beginning of the week you will be more informed, how long have you worked for b+b ?

booho

jscalow wrote: »

Boho- don't panic. There are so many rumours, come the beginning of the week you will be more informed, how long have you worked for b+b ?

Only a year so wont get much pay...

I am worried that so many workers will also be looking for jobs. Think i will find out more from the news, B&B seem to be keeping us in the dark.

Woby_Tide

probably to avoid panic to be honest, i fthey had come out at the end of the week with the situation any possible buyer would run a mile. It's normally only the very top who ever know about this stuff and as ever, they care very little about the small people. you will no doubt get more info on Monday but short term keep going and keep your nose clean in case it keeps going. But as suggested start looking elsewhere to make sure you cn go front of queue if you find something else you like

opinions4u

1) Avoid panic - B&B still has work to do and customers to service.
2) There will be a period of change across the business - some jobs may go. It usually makes sense for a firm to allow for natural wastage first (costs nowt!) but they will take time to assess what needs to be kept and what needs to be lost.
3) If branches close, the savings customers still need to be serviced. If a competitor takes on the network then I would expect non-management jobs to be transfered to the competitor - who would need those skills. Systems mergers usually take a couple of years anyway, so mass branch closure at this stage are unlikely.
4) As you only have short service (not worth holding on for a big payout), I would recommend taking a step back, building up a strong CV and looking elsewhere anyway. Have confidence in BRAND YOU and get out there and sell yourself. It's the job at risk, not a slight on you as an individual.
5) While you remain employed by B&B be a little bit more sensible over your spending. Cut back on food spending and non-essentials and build up a little bit of savings (ISA perhaps) in anticipation of the worst happening.

When my firm merged a few years ago, I found a passion to succeed that hadn't been needed before and that competitive spirit led to my income jumping by £10k a year within 2 years.

These may be uncertain times, but a massive opportunity may just have presented itself to you.