Nationwide slashing up to 450 jobs as part of huge business shake-up

08 February 2023 , 14:53

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Hundreds are to face job cuts at Nationwide building society (Image: PA)

Nationwide Building Society is set to axe hundreds of jobs as part of a shake-up of its business.

A high street building society spokesperson said the cuts are part of a move to "streamline" non-member facing roles.

Nationwide has said it has "worked hard" to keep the number of affected roles "to a minimum" but it expects around 450 jobs to be cut.

The statement added: "Our strategy is to give members greater value, better products and a distinctive customer experience,"

"To do this our systems and operations must be best in class and we need to be more agile and efficient."

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The Nationwide spokesperson said the job losses would enable the building society to "increase investment in the value and service we provide our members".

It also said it will be providing the "right support" for people affected by the cuts.

The building society has not confirmed exactly which "non-member facing" roles will be affected by the cuts.

Nationwide's head office is based in Swindon and the group has administration centres based in Northhampton, Bournemouth, and Dunfermline.

It also has a number of call centres across the UK.

Nationwide has over 17,000 employees across all areas and has around 15million customers.

Like other banks and building societies, Nationwide has said it will be closing branches in the future.

However, it has been confirmed that there is only one branch closure currently planned for the year ahead.

This is the Portman Square branch, based in Marylebone, London, which will close its doors on February 23.

Aside from this branch closure, Nationwide are actually one of the only UK banks that have pledged to keep their branches open for the foreseeable future.

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The building society originally promised to keep their branches open until January 2023, however, this date has now been extended until 2024.

Nationwide's CEO Debbie Crosbie said in June last year, the decision to do this was to help their members through the cost of living crisis.

Even with this promise, customers have seen a handful of closures over the last year.

Although a Nationwide spokesperson said that "sustainability" was the reason behind some of these closures and it considered the "interest of their wider membership" on its decision to keep open a branch.

Currently Nationwide currently has around 625 branches in operation across the UK which makes it the third largest bank in terms of their branches network.

Mirror Money has contacted Nationwide Building Society directly for comment on this story.

Ruby Flanagan