Clydesdale and Yorkshire banks to cut 1400 jobs
30 April 2012
The Clydesdale and Yorkshire banks has announced that 1400 job roles will be cut by 2015.
The statement comes following a strategic review by the owners, National Australia Bank (NAB) of its UK operations, and will reduce the number of employees down to 6900 from 8300.
NAB announced that it's UK operations made a loss of £25m between July and December 2011, compared with a £77m profit the same time a year previous. The loss was blamed on deteriorating commercial property loans and an increase in the cost of funding after Clydesdale’s credit rating was downgraded last year.
29 of the banks’ 73 Financial Solution Centres are to close, along with six backoffice locations. The changes are to mainly affect operations based in the south of England.
The bank expects the cuts to save about £74m a year by 2015 and will now concentrate on consumer and small businesses lending in Scotland and the north of England.
NBA Chief Executive says the decision to cut the job roles was made after a “significant downgrade in the growth prospects of the UK economy.”
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