Icelandic bank Kaupthing Singer & Friedlander is to close its Manchester office and make staff redundnant as it consolidates operations in London.
Charles Maver, head of property lending at Kaupthing, said: "We have taken the decision to close both our Manchester and Leeds offices and on the property side there are seven people employed who will be leaving us.
"For quite a while since early last year we have been refocusing our business. We have a good and strengthening overseas business and we have a growing property partnership business aimed at bigger transactions. The time and expertise required for both is predominantly a London business."
Kaupthing will continue to fund schemes in the regions despite the office closures.