90 jobs face axe at Bristol financial services firm

Up to 90 jobs are being axed at Computershare – south Bristol's largest employer.

The company, which has 1,250 staff at its Bridgwater Road headquarters, has been badly hit by the credit crunch.

Two of its largest clients – Bradford and Bingley and HBOS – have been either nationalised or taken over.

But the economic downturn also means share dealings generally are well down on figures for a few months ago.

The lay-offs – which will come shortly after Christmas – are bad news for south Bristol as unemployment figures mount in the recession.

But it is also a blow for the city council's huge regeneration scheme at Hengrove Park, where a new hospital, a leisureplex and a skills academy are expected to be joined by a new HQ building to house a major employer.

The council has always hoped this would be Computershare. But the company now says that commitment is now under review.

Computershare has lost business as the number of share transactions that it handles on behalf of public companies and their shareholders plummets.

Up to 90 staff across the business will receive "final confirmation" between Christmas and New Year that they are being made redundant.

Staff, including these 90, have already been told their jobs are at risk.

"Naturally, those now fearing for their future are devastated about what's happening," said Terry Keefe, regional officer of Unite, represents around 150 workers at Computershare – mainly clerical and supervisory staff earning between £15,000 and £30,000 a year.

He said he hoped talks would shortly be wrapped up between the union and the company over changes in its redundancy scheme.

Lay-offs are expected early in the New Year.

Councillor Helen Holland (Lab, Whitchurch Park) is leader of Bristol City Council.

She said: "We've every sympathy for the people who will be losing their jobs especially at this time of year.

"The regeneration of Hengrove Park will continue and the three projects already on site will act as a catalyst for further employment when the economy picks up.

"The council are hopeful that a planning application will be made next year. The council will continue to support Computershare's interest in the site whilst they resolve their medium and long-term business requirements."

Tory group leader Councillor Richard Eddy, whose Bishopsworth ward Computershare is in, said: "This is shattering news for local families.

"The nature of Computershare's business meant that it was almost inevitable, bearing in mind the global market conditions.

"But that's scarcely consolation to local families who will be directly hit by this news – particularly just before Christmas."

Councillor Barbara Janke, leader of the Liberal Democrat group on the council, said: "Job losses to people at this time of year hit particularly hard, and I have great sympathy with those affected and their families.

"While the economy continues to weaken, it is likely that job redundancies are going to increase.

"As a council we need to be looking at what we can do to ease the pressure on individuals, families, and businesses to keep people in their homes and in their jobs.

"Until we learn more from Computershare, we do not know how badly, if at all, these losses will affect their plans in the Hengrove Park redevelopment."

Computershare marketing director Lucy Newcombe told the Post she could not say how much business the company had lost as a result of the downturn.

But Bradford and Bingley and HBOS were two of their major clients and there had been a general fall-off in share transactions, she said.

"We have been very open and consultative with our staff," said Mrs Newcombe.

"We made a commitment that no one would lose their jobs before Christmas."

Mrs Newcombe said staff from contact centre agents to those responsible for "interfacing" with clients would be among those affected by the cuts.

On Hengrove Park, she said: "We are still considering a move there."