Northern Rock sees losses narrow
State-owned bank Northern Rock has today announced losses for the 2009 year fell to £258 million, compared with £1.36 billion in the previous year.
Despite the loss, the Newcastle-based bank said it is awarding staff £14.9m in bonuses but Gary Hoffman, the chief executive of Northern Rock, is waiving his payout.
Northern Rock said Mr Hoffman’s long-term [...]
