Sunday 29 April 2012

Clydesdale And Yorkshire Banks - 1,400 Job Cuts

The Clydesdale and Yorkshire banks are to cut more than 1,400 jobs in the UK, it has been announced. The confirmation came from the owner of the two banks, the National Australia Bank (NAB). NAB said the jobs would go by 2015, following a strategic review which was announced in February. The shedding of jobs at the Clydesdale and Yorkshire banks will shrink the size of its UK operation by around 15%, which has 337 branches and a 8,300-strong workforce. NAB said it would close 29 Financial Solution Centres in southern England and six back office locations as it moves to focus primarily on Scotland and Northern England. The review came in response to "the deterioration in the economic and operating conditions" in the UK, particularly in the commercial property market, the Australian owners added. Clydesdale and Yorkshire banks racked up a £25m loss in the first half of the year, compared with a £77m profit in the previous year, reflecting a higher charge on bad debts and higher funding costs.