Thursday, 7 August 2008

Good to know!

I just read this. Newcastle Building Society are the company who run or own, I can't remember now, FairFX.

'NORTHERN Rock staff are being handed a lifeline by a Tyneside building society defying the credit crunch.

Newcastle Building Society today said it has created 200 vacancies, all of which could be filled by workers on the way out of the Rock.

And while many banks are reporting losses for the first half of the year, NBS results show it has hit its target of raking in profits of £8.5m.

NBS announced plans to create 500 North East jobs over a five year period in September.

The singing of a new multi-million pound contract with an un-named “major financial institution” in the coming days will mean the Society will be able to bolster its 1,200-strong workforce by 200.

“The good news is that last week we announced we had been successful in getting a major savings contract and I am happy to announce today we are on the brink of singing another contract with a major bank in the next few days.

NBS’s half-year results show it has seen it’s a year-on-year savings balance increase of £222m, with total assets up by more than 7%.

It reports trading profits of £8.5m before tax and has grown its Newcastle Strategic Solutions operation, which sees Society staff take on the work of other banks and financial institutions.

Mr Seccombe says NBS’ results shows it is beating the credit crunch which is plaguing the financial sector.'

That's brilliant! A couple of people on the DIS were worried what would happen if NBS go bust, as was I, but reading that, it looks like we have nothing to worry about!

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