Cattles to cut 1,000 jobs
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[January 08, 2009]

Cattles to cut 1,000 jobs

Jan 08, 2009 (Datamonitor via COMTEX) --
In order to cut costs in the midst of the ongoing credit crunch, British subprime lender Cattles plans to cut 1,000 jobs and reduce new businesses in 2009.

The company plans to close a call center in Hull, which will result in the loss of 400 jobs. The remaining 600 jobs will be cut across various branches of the company in the UK.

Apart from these job cuts, the company also plans to reduce its Welcome Financial Services arm's new business by 75% in 2009.

David Postings, CEO of Cattles, said: "Today's actions are part of a series of measures we have taken over recent months to strengthen the business in this uncertain environment. We have not taken these decisions lightly and we firmly believe that by cutting costs and preserving capital in the business we can continue to trade profitably, weather the current economic conditions and continue to serve over 850,000 customers in this important part of the market."



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