Unite challenges “devastating” losses at National Australia Group

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More than 700 jobs are to go at National Australia Group (NAG) as the bank pulls out of commercial real estate lending and investment.

The confirmation that around 10% of the UK workforce is to be cut is devastating news. The intention to cut a total of 1,400 UK staff over the next three years was initially announced on 30 April. After weeks of fearing the worst, the announcement today notifies 730 staff how this news will impact them.

Unite national officer David Fleming said: “The decision by the National Australia Group to cut 730 staff is devastating for the workforce. Unite has strongly challenged the bank on these job losses. Serious questions need to be answered by the management as to why the bank expanded in this business area so rapidly, when the model was significantly flawed.

“The closure of so many NAG sites and the migration of work will present significant difficulties for our members. Today’s news will be devastating for staff and their families, many of which have served the bank for many years.”

The majority of job losses will take place in the bank’s Financial Solutions centres:

West Scotland (Glasgow, Ayr, Carlisle, Falkirk, Lanarkshire & Stirling) – 60 roles.

East Scotland (Edinburgh, Aberdeen, Dundee, Inverness, Montrose, Perth) – 85 roles.

North West England (Manchester, Blackburn, Bolton, Lancaster, Liverpool, Preston & Stafford) – 85 roles.

Midlands (Birmingham, Derby, Exeter, Gloucester, Leicester, Northampton, Nottingham, Peterborough, Oxford) – 110 roles.

North East England (Leeds, Doncaster, Yorkshire, Lincolnshire) – 160 roles.

South (London, Bury, High Wycombe, reading, St Albans) – 150 roles.

The job losses come off the back of an operating loss of £25 million and a change in operating model which will see the bank close 29 Financial Solutions Centres across the UK and co-locate a further nine. A number of regional centres will remain, but work will also migrate to six main regional UK hubs.


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