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North-East financial workers were given further reason to tear out their hair today following the announcement that Future Mortgages will no longer be offering secured loans or mortgages in the UK.

The wrapping up of the Citigroup brand will lead to 400 job losses in the Sunderland area and comes only months after Tyneside neighbours Northern Rock revealed that they’ll be shedding a frightening 2,000 employees by 2011.

It seems that it’s not such a great time to be working in the finance sector in the North-East, but a Citigroup spokesman tried to appeal for calm, saying, “The bank has entered into consultation with the staff affected.  Some may be offered jobs elsewhere in the group.”