By the end of 2008 it expects to employ 1,500 staff; representing a 36% increase over 15 months. Due to rapid growth, in 2007 Newcastle Building Society anticipated taking on 500 additional employees by 2012 and currently has 200 live vacancies, making it one of the largest private sector employers in the North East, and biggest building society to be based in the region.
Newcastle Building Society's expansion reflects a broad-based successful business model. It offers an innovative approach to both traditional member-based savings and lending activity and its Strategic Solutions business, which offers outsourced systems, processing and people skills to other financial institutions, continues to rapidly grow.
The Society currently has £14bn under management across its member business and Solutions subsidiary, which manages balances for its clients in excess of £10bn.
Colin Seccombe, Chief Executive of Newcastle Building Society commented: "The collapse of Northern Rock this time last year created shockwaves across the country and the North East especially. However, the financial services market is resilient, particularly the building society sector as the recent Nationwide mergers show. As a close neighbour to the Rock, Newcastle Building Society did experience an increase in savings balances as people chose to keep their money in a North-East based institution, but in addition our continued growth reflects the broad strength of the Society.
"We are committed to providing financial products and advice that meet the needs of our customers and we continue to use our expertise to provide a range of business to business solutions for third parties. We have pledged to create 500 jobs by 2012 and are well over half way to meeting this target.
"As the society continues to expand, we hope to be able to offer jobs to many in our heartland, including those from Northern Rock, who bring with them the skills and experience that can flourish within Newcastle Building Society."
