National Australia Bank (NAB) is to cut 1,400
jobs by 2015 in Clydesdale Bank and Yorkshire Bank as part of
restructuring its UK operations. The cuts may affect its wealth
management unit.
Speaking to Private Banker
International, a NAB spokesperson said that bank’s business
banking unit, which works alongside its wealth division, will be
affected.
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In its recent UK banking strategic review, NAB
announced it will reduce its cost base by streamlining operations,
technology, and support functions.
The restructuring, which began in 2011, is
expected to result in cost savings of approximately £74m ($120m)
per annum, the bank said.
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