CYBG Soars in London Trading as CEO Pledges to Eliminate Jobs
- Clydesdale and Yorkshire bank owner to reduce expenses
- Lender has gained more than 40% since its February IPO
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CYBG Plc, the U.K. consumer-lending company sold by National Australia Bank Ltd., rose the most since its initial public offering in February after cutting costs and pledging to further reduce expenses.
The stock climbed as much as 5.5 percent in London trading on Wednesday after the Clydesdale and Yorkshire bank owner gained 11 percent in Sydney. CYBG is working to cut about 500 jobs to help trim annual costs to about 730 million pounds ($1.1 billion), lowering expenses further than originally planned, Chief Executive Officer David Duffy said by telephone on Tuesday.