Newcastle Building Society cuts jobs
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Newcastle Building Society is to axe 126 jobs and close four branches to cut costs in the challenging climate.
Branches to close include West Road in Newcastle, Crook in County Durham, Yarm in Stockton-on-Tees and York.
Most of the job cuts will affect back office and management roles but the society said it would create 80 customer service jobs in its Solutions division following a contract win.
It is also proposing to stop future accruals within the its pension & assurance scheme. Members of staff affected will be offered an alternative existing group personal pension scheme.
Chief executive Jim Willens says: “We have to make some difficult decisions but these will benefit the Society and the majority of its staff in the long-term. We believe that by operating with a slightly smaller number of branches and reduced levels of staff in certain areas of our business it will allow us to streamline costs and become more efficient.”
The society currently has 35 branches and this will change to 31 after the proposed closures.
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