Abbey job cuts up by 1,000

The Spanish bank which is the new owner of Abbey has predicted it will cut 4,000 jobs, 1,000 more than previously expected.

Banco Santander, the world’s ninth biggest bank, said all the cuts would come this year, following its £9.5bn takeover last November.

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Abbey, which employs 25,000 people in the UK, said 1,000 jobs had already gone. Most of the remaining losses would be in back office positions. the bank said.

A spokeswoman said Abbey had to reduce overheads because its cost to income ratio of 62% was so much higher than the 40% region achieved by its high street rivals.