The country’s biggest lease company, Lex, is reducing its workforce in a move that will see 60 roles go.

It is expected that many of those who will lose their jobs will find alternative positions within the company.

“Lex has reviewed its operations to ensure that it has the right level of staff to meet the needs of the business.

"The business currently employs 1,100 people and is reducing staffing levels by around 60 posts,” a spokesman for HBOS, which own Lex, said.

“The aim is to achieve this through redeployment, voluntary severance and natural attrition.”

The company, which manages some 250,000 vehicles, made the announcement to staff late last week.

However, it did not make a public statement.

Managing director, Jon Walden, said the decision was taken as a direct result of the current economic downturn and was made during the summer.

He stressed that the move is not associated with the planned buyout of HBOS by Lloyds TSB, which owns the country’s second largest lease company, Lloyds TSB Autolease.

“We made this decision some months ago,” said Mr Walden.

“We could see quite clearly in the summer that the market was contracting and opportunities reducing, so we came to this conclusion.

"Anything that is going on between the banks is irrelevant.”

Mr Walden said further job losses could not be ruled out.

“”We will continue to review our cost base…and will never rule anything out,” he said.

“These changes are quite substantial now rather than doing this in dribs and drabs.”

He added that, while Lex expects its current fleet numbers to remain steady at 250,000, it is expecting some of its customers to be unable to weather the impending economic storm.

“We will see more company failures, some of whom will be our clients,” he said, adding that the company is continuing to review its current business, which could also result in losing less attractive contracts.

“We will shed unprofitable business,” he said.