PASCO has revealed the impact that the collapse of the financial system has had on its customers.
The lender has revealed that the number of people in its UK business who do not have a bank account has more than doubled since the collapse in the value of the pound.
That’s why we need a bank that can provide the cash for us.””
People in our UK business are suffering because the pound has fallen in value and there are not enough customers to fund the cost of the service.
That’s why we need a bank that can provide the cash for us.”
In February, PASco announced that it would lay off more than 10,000 staff.
However, the news has not been welcomed by customers who have lost tens of thousands of pounds due to the financial crisis.PASco said it had to make a “sensible decision” to lay off staff as the cost to the bank to keep them employed had risen by 40% in the past year.
The lender had previously announced plans to cut 1,000 jobs as it tried to stabilise the economy.
PASCo has said it is unable to survive in its current financial situation, which has seen the value fall from a peak of £4,500 to £2,500 per share in January.
It also announced that PASCO, the UK’s largest lender, will be laying off 1,400 employees.