db drop hits Vertex

The firm has entered a 30-day consultation period with the staff concerned, which it blamed on reduced business coming from the lender which was set to continue into 2008.

In a statement, Vertex said: “db mortgages has reviewed its strategy within the mortgage market for 2008 and will be implementing a revised business model in 2008 which will require the reduction of costs within its business. This move has been necessitated by the current market conditions.”

It said the jobs were at risk in its sales, marketing, underwriting and risk departments.

db has already scaled back lending across many sectors but denied the Vertex move was because of any additional measures.

Michelle Gavigon, press officer at db mortgages, said: “To be honest, this is not a case of restructuring. If you look at the last few months we have made a reduction in our ranges. So we are not talking about staffing changes, more about implemental changes to the ranges. There is no secret that our volumes are down so we do not have the same requirements from Vertex.”

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