3,000 - 4,500 Abbey jobs to go - papers 23 August

Emilio Botin, BS chairman, is set to meet with Abbey union bosses today to outline the cuts, and explain how the Spanish bank will use is UK acquisition were it to succeed, the paper adds. BS still faces the threat of a counterbid, the FT says, particularly since any other main UK clearing bank intending to pitch would set off an investigation by competition authorities that would upset the timetable set out by BS to conclude its proposed deal. The Scotsman says the job cuts will number 4,500 if Banco Santander is successful – equal to some 20% of the current workforce. However, in...