Nationwide staff told jobs at risk weeks before Christmas

NATIONWIDE has put nearly 500 roles at risk just weeks before Christmas in the latest round of cuts to hit the finance sector.

The lender is slimming down three divisions, which will affect more than 1,000 employees, with approximately 470 being placed at risk of redundancy and around 200 of those expected to leave the society in April.

The affected divisions are the chief operating office, retail, and mortgages and financial well-being.

Nationwide has started a threemonth consultation with the Nationwide Group Staff Union (NGSU).

“While NGSU are very disappointed to see another large-scale change programme, we are encouraged that some of our feedback and suggestions from previous change programmes have been acted on,” union general secretary Tim Rose told members.

Nationwide, founded in 1884, employs around 13,000 staff. Job cuts have loomed across the financial sector recently, with major lenders slimming down their operations. Increasing digitisation has been blamed.

Debbie Crosbie, the chief executive, who was awarded up to £3.4m in pay and bonuses last year, has made streamlining a key strategy, including reducing office space.

A Nationwide spokesman said: “We are streamlining some of our head office teams and expect around 200 people to leave the society. This will enable us to increase investment in the value and service we provide. Customer-facing colleagues will not be impacted.”

Metro Bank unveiled plans to cut around 850 jobs last week, while Barclays is mulling plans to shrink its workforce by up to 2,000. Lloyds Bank also plans to review around 2,800 roles which will lead to some job losses.

It comes after Nationwide scrapped its “work anywhere” policy, telling staff they must return to the office at least twice a week.

Nationwide has attempted to portray a softer image with advertisements featuring actor Dominic West bemoaning branch closures. It pledged not to leave any town or city until at least 2026.