THE economic misery continued yesterday as job losses were announced at a major Yorkshire bank.
On the day that hundreds of job cuts across the country were announced, Yorkshire's economy was dealt another blow as it was revealed that jobs will be axed from the National Australia Group (NAG), which owns Yorkshire and Clydesdale banks.
The ba
nks said they had agreed a strategic alliance with AXA Life, which would handle their 2.3 million retail customers from next year.
The 129-strong team of financial planners based in Clydesdale and Yorkshire banks' 342 retail branches will transfer to AXA and 143 staff will move to other parts of the business.
However, they admitted that around 78 roles are being made redundant and a third of those will be from the wealth management department in Leeds.
The Unite trade union said its members at the banks felt "let down" by the move.
Elsewhere in the banking sector, it has been warned that Halifax Bank of Scotland could have to be nationalised if the Lloyds TSB takeover is rejected by shareholders. HBOS chairman Dennis Stevenson predicted the bank could need to raise £12bn in capital if the deal fell through.
The chairman and deputy chairman of Bradford and Bingley also stepped down yesterday. Rod Kent and Nick Cosh were joined by non-executive directors Ian Cheshire and Steve Webster.
The full article contains 235 words and appears in n/a newspaper.
