NAB to Cut 1,400 U.K. Staff as Sale Ruled Out
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National Australia Bank Ltd., owner of Britain’s Clydesdale Bank, will cut more than 1,400 jobs in the U.K. after the deteriorating local economy torpedoed plans to sell the unprofitable business.
The Melbourne-based bank will incur 456 million pounds ($742 million) in costs to shrink the U.K. unit, it said in a statement today. National Australia Bank will transfer a 6.2 billion-pound U.K. commercial property portfolio, most of it loans, to the group balance sheet, leaving Clydesdale to focus on individual borrowers and smaller businesses.