Yorkshire and Clydesdale banks face 1,700 job cuts

Around 1,700 jobs are to go at two major UK banks as part of a wide scale restructuring by their Australian-based owner, it has emerged.

National Australia Bank said the cuts at the Yorkshire and Clydesdale banks – due to take place over the next 12 to 18 months – are necessary to make its UK operation “more nimble and customer-focused”.

The group employs about 10,300 people in the UK in the two banks.

Leeds-based Yorkshire, which has 232 branches, is expected to lose about 950 jobs and about 750 will go at Glasgow-based Clydesdale, which has 217 branches.

It added that some of the job losses will be covered by normal staff turnover and redeployment, with most being in non-customer-facing roles.

The job lossesare aimed at eliminating duplication in administrative roles, and will contribute to annual savings sought by the bank expected to amount to £117m.

National Australia Bank said the first five months of the process had already seen 400 posts identified.

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