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

mystic_trev

geoffky wrote: »

just on main news bbc that its branches are to close........here we go with big job losses announced on the news nightly...

I kinda guessed that would be the case - no reason for keeping them. I feel really sorry for the Staff but think things are only going to get worse in the Financial sector Job market.

EdInvestor

BBC's Peston reports:

I have learned that Santander, the giant Spanish bank that recently acquired Alliance & Leicester and also own Abbey, is likely to acquire Bradford & Bingley's savings business - which looks after £20bn of savings for 2.6m customers.Treasury officials and bankers are dotting the i's and crossing the t's as I write.

An announcment is expected first thing tomorrow morning - which will also confirm that B&B's £50bn in mortgages and loans is being nationalised.

http://www.bbc.co.uk/blogs/thereporters/robertpeston/

dunstonh

No news on the branch network though. Just that they are buying the savings book and the lending book is being nationalised. Just as earlier reports suggested when they said it would be transferred to Northern Rock.

That leaves the branch network in limbo after the transitional period. We still need more detail on what is going on.

sheslookinhot

EdInvestor wrote: »

That's not what the BBC story says.

http://news.bbc.co.uk/1/hi/business/7640143.stm

Rather, it suggests that the nationalisation will be a temporary measure to give more time so as to split the bank into 2 main bits: the mortgages (to remain nationalised and probably to be stuffed into Northern Rock) and the savings/ branches (to be sold off to another bank, such as Sanatander, or HSBC.)

This would suggest that branch staff jobs are likely to be safe.

Would another bank/BS want only the accounts and deposits. They are likely to have branches of their own, so why duplicate ?

dunstonh

Not just that, if they buy the staffing then they have the liability to pay them all off. At the moment the taxpayer has that liability.

turbobob

According to Sky, Abbey will be taking over both the branch network and the savings part of the business.

dunstonh

turbobob wrote: »

According to Sky, Abbey will be taking over both the branch network and the savings part of the business.

Yes, heard that too. Looks like a sweetener was given for that. Although you do fear that it is only a short term reprieve as no branch can stay open just on deposit business. With Abbey, A&L and B&B branches in many high streets, there will be rationalisation. However, at least the staff in B&B branches may get some time to make themselves noticed for when the merging of the branch network takes place.

dunstonh

Citywire have published a breakdown of how things stand so far:

http://www.citywire.co.uk/professional/-/news/market-reports/content.aspx?ID=315645&re=3828&ea=196312

hoggums

Booho - I strongly suggest you start looking for a new job while you are still earning. You never know - you may find something better. Don't wait until the last minute when you will competing against all your colleagues for the same job.

I sincerely wish you the best of luck, I've just jumped ship from my bank because of the same reasons and managed to find work quickly - and more pay - so I consider myself very lucky.

kunekune

You have my sympathy - I live in Bingley, and it felt awful this morning, with tv cameras hovering like vultures outside the hq. This one doesn't affect us personally, but hubby works for hbos, so he is also in a situation of uncertainty, and I'd imagine there are few families in town who are not affected in some way or other.

I hope there is work somewhere for you, but have a dreadful feeling that the whole financial sector is going to be wobbly for some time. We were thinking OH would go job hunting but that's just been smacked on the head with a diagnosis of a progressive neurological disease just 4 days after the takeover!!! Just goes to show that nothing ever goes quite how you expect it to.