1,400 banking staff face redundancy

Posted 02/05/2012

More than 1,000 members of staff in the financial services industry in the UK are facing redundancy after a decision by National Australia Bank (NAB).The bank made the announcement after a strategic review of its UK operations, with 1,400 roles at Clydesdale Bank and Yorkshire Bank to go over the next three years.NAB stated that the UK’s risk appetite will be “modified” and “will no longer accommodate financing of property development or property investment”, justifying its decision to pull out.But the bank was criticised by Unite the Union, which described the news as “brutal” for the UK workforce.David Fleming, Unite national officer, added it is “disgusting” the NAB chose to release a statement in the middle of the night in the UK so workers would wake up to the news their jobs were at risk.He noted it is a dark time for the financial services sector in the UK, as HSBC is slashing over 3,000 staff across the country as part of its restructuring plans.Posted by Ross Strowger