Friends First announces plan to cut 147 Irish jobs
Aug 27th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Friends First today announced it plans to cut Irish 147 jobs from the current level of 540 people. The majority of jobs will be lost as a result of the closure of the asset finance division, Friends First Finance. The company said Friends First Finance has been significantly impacted by the global credit crunch and its business model of borrowing from the inter-bank market is no longer sustainable in the current climate. The closure of Friends First Finance will result in the loss of 98 jobs on a phased basis as the business is wound up over the next 5-7 years.