Sainsbury’s slashes banking jobs

Sainsbury’s has embarked on a major cull of jobs at its struggling banking arm.

The supermarket chain wrote to all 350 employees of Sainsbury’s Bank last week warning them that their jobs were at risk.

The move comes just weeks after the company, which is in the throes of a recovery programme, axed 600 posts at its head office in Holborn, London.

A spokeswoman for Sainsbury’s said the jobs cuts were part of a company-wide attempt to streamline the business. It is going through the normal consultation process, she added.

Sainsbury’s Bank, a joint venture with HBOS,  has had a poor six months, forcing the group to admit that income growth has been below expectations for the past two quarters.

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