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Context of 'March 19, 2008: Nationalized British Bank Announces Third of All Employees Will Be Laid Off'

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The Bank of England tries to find a buyer for the troubled British mortgage lender Northern Rock. It holds talks with Lloyds TSB, another large British bank, about possibly buying Northern Rock, but according to reports, by September 17 these discussions founder. [BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Her Majesty’s Treasury, Alistair Darling, Lloyds TSB Group

Timeline Tags: Global Economic Crises

Governor of the Bank of England Mervyn King defends his handling of the banking crisis that has recently hit mortgage giant Northern Rock to members of parliament. Facing accusations of “being asleep at the wheel,” King says it would have been “irresponsible” to have intervened earlier to save Northern Rock. He also says that he would have liked to have offered financial support to the company in secret but that British and European regulations made this impossible. [BBC, 8/5/2008]

Entity Tags: Bank of England, Northern Rock plc, Mervyn King

Timeline Tags: Global Economic Crises

A consortium led by Sir Richard Branson’s Virgin Group puts forward a proposal to rescue troubled British mortgage lender Northern Rock. Under the plans, Northern Rock would keep its stock market listing, but would be rebranded as Virgin Money. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Virgin Group Ltd, Richard Branson

Recently nationalized British bank Northern Rock says it will cut about 2,000 jobs and reduce its residential mortgage lending by half. The job cuts, which account for about a third of its staff, will be made by 2011 under plans to turn around the ailing bank’s fortunes. The staff unions strongly protest the move. [BBC, 8/5/2008]

Entity Tags: Northern Rock plc

Timeline Tags: Global Economic Crises

The British Financial Services Authority (FSA) admits failures in its supervision of recently nationalized mortgage giant Northern Rock. The FSA admits it is guilty of “a lack of adequate oversight and review” of the troubled bank, adding that too few regulators were assigned to monitor it. However, the FSA argues it should continue to have responsibility for regulating the banking system and says it will overhaul its procedures as a result of the weaknesses identified. [BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Financial Services Authority

Timeline Tags: Global Economic Crises

Recently nationalized British bank Northern Rock announces that its chief executive, Andy Kuipers, will leave the bank at the end of August 2008. Kuipers is the final member of its original board to leave the bank after the crisis that led to its nationalization. Northern Rock appoints the vice chairman of Barclays Bank, Gary Hoffman, as its new chief executive. [BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Gary Hoffman, Andy Kuipers

Timeline Tags: Global Economic Crises

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