BusinessCompany NewsAbbey cull could threaten finance jobs

Abbey cull could threaten finance jobs

Finance staff could lose out as Abbey announces further job cuts

Accounting and finance jobs could be under threat as Abbey today announced an increase in the number of roles it will remove.

Link: Banks to disclose IFRS impacts this week

A further 1,000 jobs will be removed this year, on top of the 3,000 already announced, while reports have suggested that the cuts would mostly affect back office staff, such as in finance and administration.

A spokesman for Abbey union ANGU admitted that the bank would follow new owner Grupo Santander’s model of a high proportion of customer-facing staff compared with those in the back-office.

But he said it was ‘too early’ to confirm which departments the cull would affect most.

Francisco G¢mez-Rold n, new Abbey chief executive and former Grupo Santander CFO, announced that Abbey was on course to remove 4,000 roles by the end of the year. The business posted a £20m drop in recurring trading costs for Q1 2005 compared with a year ago, while revenues had ‘stabilised’.

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