Ron Sandler, boss of newly nationalised Northern Rock, will this week reveal plans to cut between 2,000 and 2,500 jobs as the stricken lender is shrunk in an attempt to repay its £25bn taxpayer loan within three years.
# News from the banking and financial services sector. The business plan for the state-owned bank will be submitted to European regulators for clearance on Monday. Mr Sandler will unveil a strategy to scale back mortgage lending while luring in new retail savings in an attempt to make Northern Rock attractive to potential future buyers.

Full story: telegraph.co.uk