I work for a third party distribution company in glasgow, we specialise in carrying out admin work for other lenders mostly sub-prime. I have been recently informed that a number of lenders/banks in the uk and including the glasgow area are making job cuts. Do you think this is likely to escalate bearing in mind the current credit crisis and interest rate rises?
2007-11-14 11:12:53 · 3 answers · asked by ibroxfc2005 1 in Business & Finance ➔ Personal Finance
sub prime will be the first to go, fragile market, highest risk.
2007-11-14 11:19:00 · answer #1 · answered by the hood 4 · 0⤊ 0⤋
You may see you work load increase as the Banks let their own (expensive) in-house staff go and farm out the work to (cheaper) 3rd party specialists ..
NB. there seems to be some sort of 'assumption' that 'sub-prime' borrowers are going to be 'let off the hook' ..
Nothing could be further from the truth .. sub-prime borrowers are going to be squeezed like grapes until every penny they have has been extracted & then their homes will be repossessed and sold off at whatever price the lender can get ..
The lenders who get back the most will be they ones who repossess and sell off first (before the glut of repossessed houses depresses the market) .. this means MORE work for the Banks, not less ...
2007-11-14 19:18:56 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
you are on a tight rope -- if the banks farm out there work load you may be working overtime or if they cut back and pull all work in house you may be on the bricks-- good luck!!!
2007-11-18 10:49:45 · answer #3 · answered by mister ed 7 · 0⤊ 0⤋