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In total, 370 jobs are to be lost at the bank after it saw demand for mortgage products skydive, reports the Guardian.
Having offloaded toxic Treasury assets, the firm has announced losses of £134 million.
Turbulence in the banking and housing sectors has also revealed net losses of £17.2 million.
Despite job losses in its advisory section, B&B will be taking on more staff pursue bad debts on existing loans.
B&B chief executive Richard Pym describe the job losses as "regrettable".
He commented: "We are planning to put the problems of the past behind us and have a business which is fit for purpose going forward."
Last week, it was reported that the Financial Services Authority was in secret talks to facilitate the acquisition of the bank.
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