The Center for Grassroots Oversight

This page can be viewed at http://www.historycommons.org/context.jsp?item=a031908RockRedundancies&scale=2


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

This is a scalable context timeline. It contains events related to the event March 19, 2008: Nationalized British Bank Announces Third of All Employees Will Be Laid Off. You can narrow or broaden the context of this timeline by adjusting the zoom level. The lower the scale, the more relevant the items on average will be, while the higher the scale, the less relevant the items, on average, will be.

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)

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)

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)

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)

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)

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)


Creative Commons License Except where otherwise noted, the textual content of each timeline is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike