NAB redundancies won’t affect UK private bank

The National Australian Bank (NAB) private
banking division in the UK is not going to be affected by the 730
jobs cut announced by the bank.

The number of roles relating to private
banking won’t be reduced as a consequence of the restructuring
process initiated by NAB, a spokesman from Clydesdale Bank and
Yorkshire Bank – the two UK based branches controlled by NAB –
said.

“Private Banking is a small part of what we do
but it is important to us and will remain so,” the spokesman
said.

1400 redundancies in the
UK

The redundancies, equal to almost the 10% of
NAB’s UK staff, are part of a strategic review announced in April
this year by the group CEO Cameron Clyne.

NAB is expected to cut 1,400 jobs by 2015 in
Clydesdale Bank and Yorkshire Bank, in an attempt to reduce its
cost base by streamlining operations, technology, and support
functions.

The restructuring is expected to result in
cost savings of approximately £74m ($114m) per annum, the bank
said.

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