Show Hide image

Clydesdale and Yorkshire banks to cut 1,400 jobs

The NBA is to restructure its british branches.

Clydesdale and Yorkshire banks are to cut 1,400 jobs by 2015, following restructuring by National Australia Bank, their owner.

NAB plans to simplify its British assets to adapt to weak economic conditions, focusing on retail and small business lending. It is to close 29 of the bank's Financial Solution Centres, and six back office locations.

The NAB said the UK banks had lost £25m between July and December 2011. It said this was due to falling commercial property loans and an increase in cost of funding.

The bank aims to save about £74m a year by 2015 from the new plans.