This week Fitch downgraded its rating for the building society saying that earnings will be hampered by high costs but said that the lender’s outlook was stable despite this.
Norwich & Peterborough stresses that the job cuts are completely unrelated to the downgrading and says the decision has been taken following a review of the business which started in the summer.
N&P is will now be merging the roles of finance and risk director with risk director Jeff Pritchard taking on the new role. Wells will be staying on until the end of the year to smooth the transition.
The other 35 job cuts will be made across the society, including some senior roles though no other executive directors will be leaving.
Staff were told the news on Monday and the consultation process is expected to last up to a month.
N&P said it could not confirm whether there would be further job cuts or not.
A spokeswoman said: “Most societies our size don’t have both a finance and a risk director so we are merging them into one.
“The extraordinary times that we have in the financial markets affects ratings and what we are able to continue to afford to do.
“Unfortunately because the turbulence in the markets is continuing, our cost cutting is continuing too and we can’t say whether there might be more job losses or not.”