Abbey

BANCO SANTANDER is expected to announce today that up to 3,000 jobs will be cut at Abbey in the wake of a successful takeover of the UK bank, writes the FT.

Prospects of a counter-bid for Abbey National group are increasing, says the Daily Telegraph.

NORWICH UNION and Standard Life are imposing exit penalties on holders of with-profits pensions if they delay their retirement dates, says the Daily Telegraph .

BANCO SANTANDER would have to lay off 8,000 Abbey employees to achieve its £300m synergy targets, reports this morning's Daily Telegraph.

Abbey has expanded its wrap account management to include a financial services consultant with specialist knowledge in the wrap market.

BANCO SANTANDER is thought to digging deeper into its pockets in a bid to head off a damaging bidding war for Abbey National, says this morning's Daily Telegraph.

ABBEY SHAREHOLDERS are trying to persuade other UK banks to top Banco Santander's offer to buy the company as they believe it will offer customers a better deal, says the Guardian .

The number of workers left without retirement income because of company pension schemes being wound up threatens to double unless the £1bn Turner & Newell scheme is saved, warns shadow work and pensions secretary David Willetts.

Abbey's merger talks with Banco Santander of Spain tops the business pages today following meetings in London and Madrid yesterday and City expectations that details of a bid will be released later today.

Abbey shares have soared this afternoon after the UK bank admitted it was in takeover talks and Spain's biggest bank Banco Santander Central Hispano subsequently confirmed it is the other party.