Finance Matters

Crisis-torn Northern Rock has today unveiled an underlying loss of £232.4 million for the 2010 year for its so-called “good“ bank. Despite the loss, the Newcastle-based bank will pay more than £13 million in bonuses to its 4,000-strong workforce. The bonus comes despite executive chairman Ron Sandler describing the losses as “disappointing”. He comments: “2010 [...]

Northern Rock Asset Management (NRAM), the so-called bad bank, has today reported it has returned to profit.
The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profit for the first six months to the end of June were £349.7 million, compared with a loss of £724.2 million a year earlier.
Meanwhile, the [...]

Nationalised Northern Rock has today announced it is to close its banking operation in Guernsey on 2 September.
The closure of Guernsey‘s activities, which come after a review of offshore operations, is the latest step in the bank’s turnaround plan.
Its Guernsey operation was launched in February 1996 and it currently has some 6,000 customers, of [...]