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Black & White Group cuts quarter of workforce
10 October, 2007
The Black & White Group has announced 50 of its staff are to be given voluntary redundancy, cutting its workforce by a quarter.
Thomas Reeh, CEO of the brokerage, said that the decision had been regrettable but the firm’s staff had been ‘fantastic in difficult circumstances’.
Reeh said: “It’s regrettable that we have to take this step, but like all intermediaries active in the non-conforming mortgage sector, revenues have been hammered. Lenders have upped their rates, increased arrangement fees, withdrawn lending criteria and reduced procuration fees; all of which have significant consequences to our business. We have as a business needed to act quickly and decisively to ride out the storm and post cuts we will be in very good shape to face the future and its challenges.”