Kaupthing Singer & Friedlander, the UK arm of Icelandic bank Kaupthing, has made 74 redundancies after being placed into administration two weeks ago, but will continue to operate as a business and occupy its office space.
A spokeswoman for administrator Ernst & Young confirmed that the redundancies were mainly in the investment banking division. Kaupthing SF employed 817 people at the end of 2007.
The spokeswoman said: ‘The space is still being occupied.’
She said it was too soon to tell what would happen to the various arms of the business.
In a statement, the joint administrators Maggie Mills, Tom Burton, Alan Bloom and Patrick Brazzil, said: ‘The Administrators will be seeking to find purchasers for, and will continue to manage, the remainder of KS&F’s business and loan book to maximise recovery for creditors, including the FSCS and the Treasury.’
All retail deposits were protected, the admininstrators said.