UP TO 2,000 more workers at the Abbey banking group will be made redundant on top of the 4,000 who have already gone, its Spanish owners said yesterday, reports The Scotsman .
According to the paper, the news came as Banco Santander, which bought Abbey for £9.5bn in late 2004, revealed the UK bank had bounced back into the black last year, with a pre-tax profit of £596m, compared with a £21m loss the previous year. Francisco Gomez-Roldan, chief executive of Abbey, said there would need to be more cost cuts on top of the £224m realised. He would not specify where the new job cuts would be. Abbey has nearly 2,200 staff at Scottish Provident and Scottish Mutual (now closed to new business) in Glasgow. T he bank has said before that it wants to expand in investm...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
