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Job cuts planned by British banks

Wednesday May 2nd 2012

In excess of 1,400 jobs are set to be cut at Clydesdale and Yorkshire banks in the UK by 2015.

The news comes on the back of a strategic review announced back in February and the National Australia Bank (NAB), which owns both Clydesdale and Yorkshire banks, will have a dramatically reduced UK operation once the overhaul is complete.

It currently has 8,300 staff in 337 branches across the country but is closing 29 Financial Solution Centres in southern England and six back office locations as it chooses to concentrate predominantly on Scotland and Northern England.

The banks posted a combined £25 million loss in the second half of the financial year ending in March.

The setback was largely down to higher funding costs and a higher charge on bad debts and NAB stated that its review was a result of "the deterioration in the economic and operating conditions".

Copyright Press Association 2012

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