A few days after the introduction of the ‘return to the office’ policy, there were job cuts, particularly in the head office, retail and mortgage departments

Nationwide Building Society Just weeks before the Christmas holidays, the National Building Society told around 500 employees they were at risk of redundancy. The job cuts are part of a wider restructuring program launched under former TSB boss Debbie Crosbie, chief executive, to “streamline” the head office’s operations through changes to reporting lines and job cuts. The purpose is to The exercise will ultimately impact 1,000 employees.

The review will primarily affect staff in financial institutions’ head office, retail, mortgage and financial welfare departments, with around 470 people expected to be at risk of redundancy.

Nationwide Building Society’s – News of the job cuts comes as Mr Crosby follows the “work from anywhere” approach introduced under his predecessor Joe Garner, giving Nationwide’s 13,000 staff, particularly those not working in a branch, an office space. It came just days after it was revealed that he had been forced to return to . It was discontinued during the pandemic. Starting early next year, most employees will be required to report to the office for at least 40% of their contract period, or two days a week for full-time employees.
Nationwide, headquartered in Swindon, notified employees of the latest job cuts late last month and has since begun a consultation with staff who will have the opportunity to take part in the cuts on a volunteer basis. However, most of the layoffs are mandatory, with the company estimating that about 200 employees will lose their jobs by the end of March.

Nationwide Building Society's
Nationwide Building Society’s

Nationwide Group trade union general secretary Tim Rose said he was “disappointed” by the job losses.

“Our experience with transformation programs is that some affected employees will welcome the chance to leave the country with severance pay and pursue new opportunities, but especially with the financial uncertainty and cost of living. In tough times, many employees will be extremely worried about their future.” “It’s pressure,” the union told employees in a recent newsletter.

A Nationwide spokesperson said the building society had “worked hard to minimize the number of colleagues affected and to ensure that offers are made available to those affected”. Proper support. ”

“Our strategy is to provide our customers with greater value, better products and a unique customer experience,” the spokesperson added.

“To achieve this, our systems and operations must be world class, more agile and efficient.

“We are reorganizing some of our head office teams and have 200 people are retiring, allowing us to increase our investment in value without impacting the service we provide to our frontline colleagues.”

The job cuts come amid job growth at UK financial institutions. Lloyds last week confirmed a Guardian report that the banking group was putting around 2,800 staff at risk of redundancy as part of cost-cutting measures. This means cutting some middle management positions, including analysts and product managers.

Barclays is also undertaking plans to cut up to 2,000 jobs as part of a £1bn cost-cutting drive after bank executives warned of the need for restructuring to boost profits and pay dividends to shareholders. There is. The main area likely to be targeted is internally known as Barclays Execution Services (BX), which centrally supports the company’s retail banking and international operations.