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Nationwide to lay off nearly 500 staff amid restructuring

EditorHari Govind
Published 12/08/2023, 09:20 PM
© Reuters.

SWINDON, UK - Nationwide Building Society (LON:NBS) is set to cut nearly 500 jobs as part of a major restructuring plan under the leadership of CEO Debbie Crosbie. The Swindon-based lender is focusing on operational efficiency and customer service investment, which will result in job reductions across mortgage and retail operations divisions.

The move comes during a period of economic uncertainty, with the society offering severance packages to affected employees during consultations. Around 200 roles are expected to be eliminated by the end of March, as the company navigates through challenging economic conditions. This development follows last month's announcement regarding potential job cuts ahead of Christmas, highlighting the tough times ahead for the workforce.

In addition to the layoffs, Nationwide has also made changes to its working policies. The previous "work anywhere policy" has been revoked, and non-branch staff are now required to work from the office part-time starting early next year. However, customer-facing roles will not be affected by this change.

The restructuring at Nationwide reflects a broader trend among High Street lenders focusing on cost reductions. Lloyds Banking Group (LON:LLOY) is also planning to reduce its workforce by approximately 2,800 positions, targeting middle-management levels. Similarly, Barclays is considering eliminating up to 2,000 jobs within its Barclays Execution Services division as it seeks cost savings and aims to improve shareholder returns.

The series of layoffs across these financial institutions underscores the pressures they face in adapting to an evolving banking landscape while managing costs amidst economic headwinds.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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