HBOS, owner of the Halifax amongst others, is to streamline its operation with the cutting of around 420 jobs and the deletion of one of its mortgage businesses.
The Halifax brand is well known for mortgages, being one of the biggest providers of home loans in the UK. This status means it will not see any changes to its operation, the cuts instead coming from other parts of the HBOS group. It appears that part of the problem was a duplication of efforts in relation to mortgage business, the streamlining aiming to reduce this and give each brand its area of expertise.
The job cuts by HBOS, which as already stated will not impact on the Halifax, will see most employees redeployed to other parts of the group, meaning that in real terms job losses should only be slight.