1700 jobs to go in NAB’s UK business
(1 April 2005 – UK) National Australia Bank is set to axe 1700 jobs in its UK operations over the next 12 to 18 months as the bank seeks to revitalise its two remaining UK banks.
The bank said it will book a provision of approximately A$266 million in its first half results to cover the costs of restructuring Yorkshire Bank and Clydesdale Bank and the resulting job losses.
According to NAB, savings from the restructuring would be in the vicinity of A$285 million.
National UK chief executive Lynne Peacock said the bank would focus on turning the UK operations into more nimble and customer centric businesses.
She said NAB was committed to the UK following the sale of its Irish operations but it had to change the way it did business.
Peacock said the bank was already five months into the restructuring process.
Other initiatives include a greater use of the broker channel for mortgage products, managing margins down to market levels and a simplified product range.
The bank will continue to expand into south east England and target small to medium businesses via an eventual network of 30 business banking centres.
According to NAB, savings from the restructuring would be in the vicinity of A$285 million.
National UK chief executive Lynne Peacock said the bank would focus on turning the UK operations into more nimble and customer centric businesses.
She said NAB was committed to the UK following the sale of its Irish operations but it had to change the way it did business.
Peacock said the bank was already five months into the restructuring process.
Other initiatives include a greater use of the broker channel for mortgage products, managing margins down to market levels and a simplified product range.
The bank will continue to expand into south east England and target small to medium businesses via an eventual network of 30 business banking centres.
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