L&C has put in place a voluntary redundancy programme for its administration staff.
Adviser and sales staff will not be affected. The brokerage stated that of the 300 staff at L&C, 176 roles are in the sales side of the business and are unaffected.
David Hollingworth, mortgage specialist at L&C, said affected staff have been asked to express interest in the voluntary programme by Friday 9 October.
He added: “With reduced business volumes as a result of the continued difficulty in the mortgage market, the administration department has been operating with spare capacity and so a voluntary redundancy programme is being offered. The business will then assess the situation once we know how many applications there have been for the voluntary programme and have been able to consider those applications.”
