Layoffs continue in the mortgage sector, even in Great Britain as Northern Rock staff are to be told that about a third of the 6,500 workforce faces the axe, as the nationalized bank starts paying the taxpayer and complying with European state aid rules, the Financial Times said.
Meanwhile Lone Star still wants HSBC to buy their stake in KEB – Korean Exchange Bank – even though legal proceedings have ended. Lone Star will ask HSBC to increase its offer beyond the current $6.43 billion to reflect the increase in the target’s book value, the Financial Times said, citing people familiar with the deal. Some analysts expect ten percent of KEB staff to lose their jobs if the deal goes through, thus immediately showing an improvement for HSBC.
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