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The end of Norwich & Peterborough Building Society.

Article Issue #7
Norwich Peterborough Building Society

The end of Norwich & Peterborough Building Society.

04 Mar, 2017 | BANKSY

Yorkshire Building Society Group has reported arrangements to close down the Norwich and Peterborough (N&P) keeping money mark from the high road - putting an expected 10% of its workforce at danger of excess.

Yorkshire Building Society affirmed 20 of its branches will close down in May this year, trailed by 28 N&P branches in September - leaving the gathering with 160 branches and 100 offices.

The gathering said it would likewise close all Norwich and Peterborough current records - affecting around 100,000 clients - under a move to concentrate exclusively on home loans and funds.

Affirming the progressions, a representative said 48 UK branches will shut in the following year and a half, yet added it would like to redeploy some of its 440 influenced staff to different areas. Only 17 of the first N&P branches will stay open after the rebuild. The declaration comes only a day after HSBC uncovered that about 400 occupations were at hazard under plans to slice its IT staff and close 62 branches over the UK.

Mike Regnier, CEO of Yorkshire Building Society, stated: "The main impetuses behind the proposed branch terminations are moves in economic situations and an expanding want among clients to execute carefully instead of on the high road. "We in this manner no longer trust it is the correct business position for us to keep on maintaining these 48 branches over the N&P and Yorkshire arrange."

A representative said the gathering would hope to "limit proposed redundancies through regular turnover, and by redeploying the same number of these partners into various parts over the gathering".