Arab Today, arab today cut 1400 jobs at yorkshire and clydesdale banks
Last Updated : GMT 09:52:07
Arab Today, arab today
Arab Today, arab today

Cut 1400 jobs at Yorkshire and Clydesdale banks

Arab Today, arab today

Arab Today, arab today Cut 1400 jobs at Yorkshire and Clydesdale banks

London - Arabstoday

Australia\'s fourth biggest bank announced the restructuring alongside a 15.6pc fall in first-half net profits fell to A$2.05bn (£1.32bn) in the six months to March 31. The results follow £456m of writedowns and restructuring charges at its UK division worth, including £120m set aside to cover mis-sold payment protection insurance. NAB said it had completed a strategic review of its British assets to adapt to weak economic conditions, with the business to be simplified to focus on retail and small business lending in Scotland and northern England. It plans to close 29 of the banks\' 73 Financial Solution Centres, which offer services to businesses and better-off individual investors, and merge nine others with local retail branches, adding that the changes would mainly affect operations in the south of England. Six back office locations would also shut. Cameron Clyne, the chief executive, said the review was undertaken because recovery in the region was now considered a longer-term prospect. \"In the last half-year there has been a significant downgrade in the growth prospects of the UK economy, in part reflecting the drag on its recovery from heightened weakness in the eurozone,\" he said. \"In addition, the commercial property market, which had previously seen signs of recovery, has recently experienced a \'double dip\' as the recovery stalls and other banks accelerate the reduction in their commercial real estate exposures. \"This has contributed to the current downturn in the UK being longer and slower to recover than experienced in the 1930s following the Great Depression, and has led us to take these actions at this time.\" NAB will also take on most of the unit\'s commercial real estate exposure of £6.2bn. The transferred commercial real estate portfolio will be run off as the assets reach maturity. The bank said the changes would cut the UK unit\'s reliance on wholesale funding that had become expensive after credit rating downgrades, move the business to a more deposit-funded base and reduce group funding support to the UK unit by £5bn. The Australian bank said an immediate sale of the UK unit was ruled out because it would fetch less than book value. NAB bought Clydesdale Bank in 1987, followed by Yorkshire Bank in 1990. Between them they have around 330 branches.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cut 1400 jobs at yorkshire and clydesdale banks Arab Today, arab today cut 1400 jobs at yorkshire and clydesdale banks

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday