Building society may cut 150 jobs

More than 150 jobs are at risk after a West Midlands building society announced restructuring plans.

The West Bromwich Building Society has announced it was beginning consultations over the possibility of a number of compulsory redundancies.

These would mainly affect staff at head offices in West Bromwich and Dudley. Branch staff would be unaffected.

A building society spokesman said losses would be restricted to those affected by current market conditions.

Chief executive Rob Sharpe said the company remained a financially-strong organisation.

"Nevertheless, the scale of our business must reflect economic conditions and the outlook across the sector for mortgage business is subdued," he said.