The new management team at Northern Rock is looking into whether they can take legal action against the previous board that led the bank into such difficulties last year.
At the moment the matter is in the hands of lawyers acting on behalf of Northern Rock who are in the process of looking into the situation to determine what can be done. Only after their analysis is complete will there be any decision made on pursuing the matter through the courts.
Elsewhere at Northern Rock the bank is aiming to increase the debt collection part of its business by well over 100 percent as they plan for the financial difficulties that may face their customers in the future. There are currently around 170 people in this particular department though that number will be closer to 450 after the extra staff have been brought on board.
A study by Natwest Bank has found that more workers than ever before are doing jobs in countries other than the UK.
The study found that more than 200,000 brits went to work in other countries, the Natwest Bank data based on 2006 figures, the most recent available. Over 40 percent of these workers were at a managerial or professional level, taking their skills and knowledge to develop businesses abroad.
When asked about the reasons for moving these overseas workers said that they were lured by a better job and better pay. The average salary for these expat workers is GBP67,000, and when combined with a lower cost of living and better living standards generally it is clear to see how attractive such a proposition can be said a Natwest Bank spokesman.
An agreement has been reached on the German consumer banking arm of Citibank, with the operation being sold to Credit Mutuel of France.
The deal will see the cash reserves of Citibank around GBP3.9 billion richer and help the bank on its way to the larger target of selling around GBP200 billion worth of assets over the coming three years. The bank was badly hit by the sub prime mortgage collapse in the United States and is now working to realign the business.
As well as selling assets Citibank is also looking to shed over 16,000 jobs in the same three year period. This is again to re-structure the organisation and will go hand in hand with the selling of businesses such as their German banking operation.
