Belfast Telegraph

Bank to shut 50 branches in bid to cut £100m costs

By Holly Williams

The Clydesdale and Yorkshire banking group signalled more job losses and confirmed around another 50 branches will close as it ramps up cost-cutting.

Glasgow-based CYBG, which was spun off from former owner National Australia Bank in February, said it will trim its branch network from 248 to fewer than 200 over the next three years as it looks to slash costs by a further £100m.

CYBG's latest cost-cutting moves come after it recently announced plans to shut 26 branches nationwide by the end of September and reduce its workforce, with nearly 500 jobs axed over the past 18 months.

It will deliver the new cost savings by the end of September 2019 to help it meet performance targets earlier than planned.

The challenger bank said its "refreshed" strategic plan also takes into account revised expectations for the UK economy after the Brexit vote.

But alongside the cost savings, it is investing more than £350m over the next two years.

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