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Paul Williamson from Deloitte »The news that 800 compulsory redundancies are to be confirmed at Northern Rock cannot, in any sense, be regarded as welcome. Ever since the scale of this crisis first emerged, the prospect of a major jobs cull has been on the cards - but that doesn't make it any easier when the worst is confirmed.
The truth, of course, is it could have been much, much worse.
The company itself had originally stated that it anticipated making 2,000 posts redundant, and this has now been reduced to 1,300, including the 800 compulsory notices. At one point it had been widely assumed that at least a half and perhaps as many as two thirds of the 6,000-strong workforce would go. It is not long since the entire business was at risk of closure. There are still some commentators based in the City who think it should have been allowed to slip away.
These will be extremely difficult times for those who work for the Rock. It will not get any easier as the date for announcing which particular individuals are to go approaches.
But the fact is that there will be good news for the majority of those who have stuck with the Bank through this crisis. Their unswavering loyalty to the cause and their efforts in helping to get the business back on track are to be applauded. There is a quiet optimism that the company could even get itself back in the private sector earlier than anticipated.
While there will inevitably be anger that compulsory redundancies are necessary, the good news is that it does seem that the Rock will ultimately pull through this unprecedented crisis. For that we should all be grateful.
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