Falling mortgage revenue has been blamed as the reason for increasing the level of job cuts at Abby by 1,000 to 4,000 in the wake of the takeover by Banco Santander, reports The Times.
The additional cuts have been confirmed by Abbey chief executive Francisco Gomez-Roldan, the paper says. Some 3,000 jobs were originally intended to be cut, saving some £300m over three years. The Times says 1,000 staff have left Abbey since the cuts were announced, with another 1,400 job cuts identified out of the 26,000 employed at the time the takeover was finalised in November last year. What has hurt the bank has been a squeeze between the interest paid out to savers and that charged of mortgage customers. Additionally, new mortgage lending has been lower than repayments for two ...
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