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NAB to axe 1,700 UK jobs within 18 months

Yorkshire and Clydesdale banks are to axe 1,700 jobs as part of a major restructuring operation ordered by parent company National Australia Bank, seeking cost reductions of 125m.

Both Clydesdale Bank in Scotland and Yorkshire Bank in the north of England have been hit by higher costs and declining profit margins.

The move, costing NAB 116m, will cause job losses coming over the next 12 to 18 months. All areas of the business will be reviewing, but losses will be primarily in non-customer facing roles.

Around 40 branches of both Yorkshire and Clydesdale will be converted into financial solutions centres, focusing on high net-worth individuals, earning over 60,000 a year.

NAB UK chief executive Lynne Peacock said she wanted to concentrate on making the UK businesses more nimble and customer focused.

She says: We have made it clear that we are committed to a strong presence in the UK, but to do so we must change the way we do business.


Dirty deeds?

Mortgage regulation, as we are happily told by the FSA, has helped to make charges and fees clear to consumers and started a golden era for treating customers fairly.

Verity’s view

In recent weeks, certain mischievous members of the media with memories stretching back five years have had occasion to contact Fred Woollard, the financier who challenged Standard Life’s directors to demutualise back in 2000.

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By Kunal Desai, head of Indian equities, Neptune Since the election of Narendra Modi as prime minister in May 2014, Indian equities have gone on to outperform both developed and emerging markets. A busy period of governmental and economic reforms, a lower oil price and falling political risk have been the primary drivers over this […]


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