• From The BBC:

    UK sub-prime lender Cattles has said it may cut as many as 510 jobs at its Welcome Financial Services subsidiary.The embattled firm is proposing closing 30 branches when the leases expire and reducing its sales and support teams. As well as trading under the Welcome brand, Batley-based Cattles also owns debt recovery firm Lewis. Cattles, hit hard by the economic downturn, appointed a new management team earlier this year and has been seeking ways to cut costs. Cattles discovered it had an extra £700m of bad loans on its books following a review of its accounts earlier this year, which it put down to a failure of internal controls. The company said it would now enter into a consultation process with the staff affected by the proposals, with about 510 receiving notice that they are at risk of redundancy….

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    Posted by Jon @ 7:34 am

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