Provident Financial today announces a proposed reduction of 340 positions in its home credit business, subject to formal consultation. 262 of the positions affected are field-based managers and clerks. 78 positions are Bradford-based head office staff.

This proposal has been made following a thorough review of roles and responsibilities and the reduction in staff will ensure a better link between headcount and costs and the number of customers and sales.

Provident is currently repositioning its consumer credit business to become a more broadly-based consumer loans business. It launched Satsuma Loans, an online consumer loans business, in November. Vanquis Bank’s non-standard credit card has successfully expanded the group’s offer over the last ten years.

Peter Crook said:
"The economic environment continues to be difficult for our customers as their incomes remain under pressure. This has an impact on the performance of our home credit business and we have reluctantly taken the decision potentially to reduce the number of roles. The changes we are proposing will reduce costs and better align our staff resource with the current requirements of the business.”



David Stevenson, Provident Financial      01274 351 351

Gill Ackers/Eilis Murphy, Brunswick         020 7404 5959