Abbey continuing with 2,000 job cuts despite profit hike

Abbey is forging ahead with plans to cut nearly 2,000 jobs despite profits climbing by 30%, a decision which is likely to anger unions.

A report on The Mirror website, has claimed that the bank, part of Spain’s Santander, made £790m in the first half of this year, but aims to cut £180m in costs by stamping out duplication after its takeover of Alliance & Leicester and part of Bradford & Bingley.

Abbey also increased its share of the mortgage market to 13.6% in the past six months.

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