Abbey National launches challenge to the ‘big four’

Abbey
National has announced today that it wants to recruit 600 new staff in business
banking as part of its drive to challenge the "big four" clearing
banks.

The
group is launching a new business bank account early next year to capture more
market share, in what it hopes will be a "major step forward in dismantling
the domination of the big four banks". An 18-month recruitment drive will
support the strategic move.

Gary
Hockey-Morley, director of business banking at Abbey National, said, "The
small business banking market has been milked by the big four banks for far too
long and this particular cash cow is due for slaughter.

"We
are committed to breaking up the cosy world of the big four and our solution is
simple – better value products, better service and treating the customer as an
individual."

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Of
the staff to be recruited, Abbey National is planning to take on 500 to work as
branch-based advisers.

There
will also be 50 recruited as sales managers at Abbey’s First National
subsidiary, while more than 60 will be hired as support and administrative
staff at Taunton, Newport in South Wales, Milton Keynes and Redhill.