The UK's fourth largest bank will stop selling new loans through its sub-prime loans unit and plans to cut around 300 jobs, Bloomberg reported overnight.
Neil Radley, managing director of Barclays’ subprime unit FirstPlus, said the decision was made due to a drop in customer demand for the lender’s sub-prime products.
``In the past year we have tried a whole range of activities to develop our business but the market demand simply isn't strong enough,'' he said.
Published: 09-07-08
Second largest UK lender halves maximum loan size, 29 April 2008
Resimac has announced it is set to acquire the remaining 40 per ...
The major banks suffered from longer turnaround times over Decemb...
Property purchasing goals have remained intact in Australia despi...