Banks to axe 1,400 jobs

The Clydesdale and Yorkshire banks are to cut more than 1,400 jobs in the UK, their owner, National Australia Bank, has said.

Timing of bank job losses 'disgusting'

Unite finds it disgusting that the company decided to release a statement from Australia in the middle of the night so UK staff across Yorkshire and Clydesdale banks would wake up to hear that their jobs are being cut through the morning news reports. This is not the behaviour of a responsible or credible organisation

– David Fleming, Unite union

Southern England to be hardest hit by bank closures

The owners of Clydesdale and Yorkshire Banks say the business will now focus mainly on Scotland and Northern England.

  • 29 Financial Solution Centres in southern England will close
  • Six back office locations will also be shut down
  • Clydesdale and Yorkshire banks racked up a £25 million loss in the first half of the year
  • Problems have been fuelled by the commercial property market

Advertisement

Clydesdale and Yorkshire Bank cuts 'result of economic climate'

In the last half-year there has been a significant downgrade in the growth prospects of the UK economy, in part reflecting the drag on its recovery from heightened weakness in the eurozone. The action we are taking is needed to adapt to this current economic environment in the UK, and to reposition the UK banking business to improve returns for the group over the medium term. While every effort will be made to support our people, the substantive repositioning of the business will impact roles in the UK.

– Cameron Clyne, National Australia Bank chief executive

1,400 jobs to go at Clydesdale and Yorkshire banks

Clydesdale's owner NAB decided it was too hard to sell or expand its UK banking business in a depressed market. Credit: Reuters

The Clydesdale and Yorkshire banks are to cut more than 1,400 jobs in the UK, their owner, National Australia Bank, said today.

After a review of its UK unit, which comprises over 335 Clydesdale and Yorkshire branches, NAB said it would complete the job cuts by 2015, close some back offices, and take on most of the unit's commercial real estate exposure of £6.2 billion.