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Banking group announces 1,700 redundancies

Banking group announces 1,700 redundancies

A major banking group has today (April 30th) announced 1,700 job cuts. Hundreds of professionals in the banking sector could need expert employment law advice after a major financier revealed they are at risk of redundancy.

The National Australia Bank (NAB) has today announced it is to cut 1,400 jobs in its British businesses - the Clydesdale and Yorkshire Banks - before 2015 in order to reduce its exposure to the ailing UK market.

Following a strategic review of its operations, NAB - which has more than 50,000 employees in around 1,750 branches globally - has decided to focus its British subsidiaries solely on the Scottish and northern England markets.

Chief executive Cameron Clyne explained this is due to a "significant downgrade in the growth prospects of the UK economy" after the company recorded a £25 million loss in its operations here in the second half of 2011.

However, national officer of Unite David Fleming labelled the way in which these job cuts have been announced as "disgusting".

"This is not the behaviour of a responsible or credible organisation," he added.

Contact our employment solicitors on 0800 916 9060 or email if you would like advice on any employment matter.

Posted by Trusha Vyas.