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In an update to the London Stock Exchange, Together Financial Services Limited has announced it has launched an employee consultation process to reduce its staff by approximately 200.
Group CEO Designate Gerrald Grimes said: “The Covid-19 pandemic continues to impact on economies across the globe and has created significant uncertainty around the nature and extent of any downturn.
“Many economists are predicting a deep and sustained global recession and, combined with the planned exit from the government's furlough and mortgage payment deferral schemes at the end of October 2020, this is expected to have an impact on property activity, unemployment and economic growth within the UK.”
"While it remains too early to reliably estimate the full impact of Covid-19, we expect the remainder of 2020 and possibly 2021 to be challenging for most businesses.
“Together entered the pandemic in a strong position and, as we move out of lockdown, we are taking the necessary steps to shape our business for the future: putting plans in place to mitigate any downside risks; ensuring our cost base is appropriate; and accelerating our transformation programmes to make us more efficient and further improve the experience for our customers.
“With the actions we are taking, we believe Together will emerge from the crisis well placed to support our customers and to play our part in supporting the UK's economic recovery,"