Hundreds of staff at Nationwide, the UK’s largest building society, are set to lose their jobs.
About 450 redundancies are set to be cut in “non-member facing teams” to help the building society to “increase investment in the value and service we provide our members.”
The company will be providing the “right support” for people affected by the cuts, the spokesperson added.
Nationwide employs about 18,000 staff across the country and 6,500 solely at its headquarters in Swindon.
Debbie Crosby became its new CEO in June 2022.
The building society’s latest available financial results from November showed its underlying profit went from £850m in the first half of 2021 to £980m in the first half of 2022 as income grew, and the net interest margin improved to 1.48%.
The half-year results for 2022 show that member financial benefit more than doubled to £320m as the mutual aimed to pay savers the best rates it can afford.
The building society said it had worked hard to keep the number affected colleagues to a minimum but expected “around 450 to leave the society”.
A 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.”
In March 2021, Nationwide announced it was closing three offices in Swindon at the same time as offering new flexible working arrangements to staff.
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