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Bradford & Bingley chief resigns Bradford & Bingley chief resigns
(30 minutes later)
Bradford & Bingley has announced that its boss has quit the firm "due to a serious cardiovascular condition". The boss of Bradford & Bingley has quit "due to a serious cardiovascular condition", the firm has announced.
Chief executive Stephen Crawshaw is leaving with immediate effect and chairman Rod Kent will replace Mr Crawshaw in the short-term. Chief executive Stephen Crawshaw is leaving the UK mortgage lender with immediate effect, and will be replaced by chairman Rod Kent in the short-term.
Reports meanwhile say the firm, which has been hard hit by the credit crisis, is set to issue a profit warning as it seeks to raise £300m in a rights issue. Mr Crawshaw's departure comes a day before a trading update. Reports say the firm will issue a profit warning.
The mortgage lender said it would issue a trading update imminently. The firm has been hit hard by the credit crisis and wants to raise £300m to boost its balance sheet.
In May, the firm said it would launch a rights issue in a bid to help offset some of its weakening investment, having only a month earlier denied that it would be seeking to raise funds. In May, the firm said it would launch a rights issue in an attempt to help offset some of its weakening investment, having only a month earlier denied it would be seeking to raise funds.
The Sunday Telegraph said Bradford & Bingley was expected to say profits would "fall well below analysts' forecasts" of between £160m and £200m pre-tax.
And the Sunday Times reported the profit warning "is expected to be contained within the bank's rights-issue document" which is to be sent out this week.
WHAT IS A RIGHTS ISSUE? Companies issue extra shares to raise money They are offered to existing shareholders, usually at a discount to the current share priceShares are offered in proportion to existing holdings, so if you own 10% of the old shares you are offered 10% of the new ones Check Bradford & Bingley sharesCheck other banking sharesWHAT IS A RIGHTS ISSUE? Companies issue extra shares to raise money They are offered to existing shareholders, usually at a discount to the current share priceShares are offered in proportion to existing holdings, so if you own 10% of the old shares you are offered 10% of the new ones Check Bradford & Bingley sharesCheck other banking shares
The firm saw its profits drop by almost half after writing down assets including those linked to US mortgages. The firm saw its profits drop by almost half after writing down assets, including those linked to US mortgages.
Pre-tax profit fell to £126m in 2007 from £246.7m the year before.Pre-tax profit fell to £126m in 2007 from £246.7m the year before.
Bradford & Bingley, Britain's biggest buy-to-let lender, recently warned of a rise in mortgage arrears as borrowers found it harder to repay loans.Bradford & Bingley, Britain's biggest buy-to-let lender, recently warned of a rise in mortgage arrears as borrowers found it harder to repay loans.
Like other lenders it has been asking for bigger deposits and raising its interest charges for new products.Like other lenders it has been asking for bigger deposits and raising its interest charges for new products.