Time Running Out For Bradford and Bingley

Bradford and Bingley have announced that their mortgage processing centre in Borehamwood, Hertfordshire, is to be closed and the 300 staff made redundant.

It seems that it does not have a future as an independent business, its credit rating has now been cut to one notch above "junk".

The Financial Services Authority is trying to find a buyer for the bank, in order to avoid another Northern Rock fiasco.

Posted in: bankruptcy,banks,Bradford and Bingley,fsa,Northern Rock