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Fewer Staff at Loans Firms

Difficult times in the loans and credit industry have been with us for around 6 months now, but the bad news continues to roll in for those companies involved in the marketplace.

Announcements of big losses by well known banks and lenders pepper the financial columns as each firm goes through it's six monthly reporting period but smaller firms are not immune. Because many of the smaller loansproviders are not publicly owned companies, details of their financial affairs are limited and we don't hear so much about the money they have lost as a result of the credit crisis. But we do get to hear about firms that shed staff, withdraw certain product ranges or even shutdown completely.

Many loan providers and loan brokers in the UK have had to make big adjustments to their businesses in order to achieve a workable set of parameters in a market that has significantly changed since last summer. Trimming back staffing levels is a common theme and this week one of the biggest sub-prime mortgage providers, Paragon, told us they were having to cut around 15% of their workforce.

Other loans companies to lose staff recently include Freedom Finance, Elephant Loans and Mortgages, E-Loan and Black and White Loans.

Companies that have shut down completely include Natonal Guarantee, Mortgage Nation and Welcome Mortgages.

At the same time other firms seem to be doing very well, with Click, an insurance and loans broker, announcing plans to open a second office for 20 to 30 staff in Bristol.

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