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October 28, 2009    

Tesco Bank creates 1,000 new jobs, while Best Buy announces 8,000 new jobs

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by Kay Murchie

Tesco Bank has announced today it is to create 1,000 new jobs in Newcastle next year.

The news follows Tesco Bank’s insurance partnership with Fortis UK, with the joint venture forming a new motor and household insurance company.

The move is part of the supermarket giant’s plan to step up its presence in the banking sector. The supermarket recently said it hopes to take advantage of the lack of confidence in existing banks by attracting disillusioned customers and is also planning to launch a range of mortgages in the near future.

In August, Tesco announced it was opening a finance centre in Glasgow with the creation of 800 jobs.

Meanwhile, commenting on today’s announcement, Tesco Bank chief executive Benny Higgins said: “I’m delighted to be announcing more jobs as we push ahead with our exciting plans to build the Tesco Bank.

“The North East of England has strong experience in customer services and the financial sector, with a well-qualified and enthusiastic workforce,” added Mr Higgins.

The news comes after it was announced that Northern Rock, which is based in Newcastle, is to be split into two, after receiving the necessary approval from the European Union (EU).

The plan is for bank to be split into two divisions - a “good bank” of profitable assets and “bad bank” of toxic debts.

In other news today, according to Sky news, US electrical goods retailer Best Buy is to create 8,000 jobs in the UK over a five-year period.

The world’s largest consumer electronics retailer is planning to challenge UK giants such as Comet and Currys.

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  1. That great news.

    I heard somewhere that Best Buy wasn’t doing so well, but if they are adding more jobs I guess they can’t be doing to badly.

    Comment by William Payyoufourajob — October 28, 2009 @ 8:39 pm

  2. A thousand jobs created by Tesco … though how many livelihoods will be ruined through the presence of the supermarket giant?

    Comment by Nath — October 29, 2009 @ 5:02 pm

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Tags: best buy, , Fortis UK, , , Newcastle, , , , US electrical giant