The job cuts will come as a result of National’s decision to combine certain portions of its two UK banking operations, Clydesdale Bank and Yorkshire Bank, as part of a streamlining program. The plan will see the Australian bank reduce its UK workforce from 10,300 to 8,600 over the next 18 months.
The restructuring process will also involve initiatives to increase National’s presence in the more lucrative south eastern region of England. Currently Clydesdale bank operates in Scotland, while Yorkshire Bank’s presence is limited to the north of England.
National is hoping that its UK restructuring program will deliver A$285 million in annual savings by September 2007.
The changes to the Bank’s UK operations are to be a precursor to restructuring moves at its core operations in Australia, which it is due to announce in May.
