Australia | NAB to cut 1,400 jobs in UK by 2015

NAB, which has been reviewing its UK unit that comprises over 300 Clydesdale and Yorkshire branches, said it planned to cut 1,400 jobs in UK by 2015, close some back offices and move the vast majority of the UK unit’s commercial real estate exposure valued at 6.2 billion pounds ($10.07 billion) to the parent.

NAB announced the review of its UK unit in February after concluding the UK economic recovery would take much longer than previously expected and to arrest the rising bad debts from the business.

“It’s not as good as extricating themselves entirely. But in the last couple of months people pretty much came to the conclusion that they weren’t going to be able to do that,” said Andrew Martin, a portfolio manager at Alphinity Investment Management, which manages more than A$300 million in funds…

Source:

Read More @ Australia’s NAB to restructure UK banks, H1 cash profit up | Reuters.

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• Clydesdale/Yorkshire bank jobs go (bbc.co.uk)
• Job Cuts Hit Clydesdale And Yorkshire Banks (news.sky.com)
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