Nationwide sheds 100 jobs in shake-up

NATIONWIDE, the second- largest building society, has dismissed 100 staff in a centralisation purge that includes the closure of several area offices, writes Patrick Hosking.

The society has sacked 70 people in areas including Northampton, Swindon and Sevenoaks, and a further 30 in its mortgage and insurance department in Northampton.

Daniel Hodson, deputy chief executive, confirmed the area office closures and the job losses, which have not been officially announced. It was 'very regrettable', he said. The exact numbers were not yet finalised.

The job losses follow the decision last month to close the head office in London six months after moving into it. Senior mangers and the marketing, corporate planning and public affairs departments are now moving to Swindon. Many of those staff are unhappy about the unexpected move and intend to leave.

There are fears of more job losses at Northampton, where 2,000 people are employed, following the decision to base the business at Swindon.

The society's annual meeting, which last year revealed widespread dissatisfaction among saving members, is scheduled for 23 July.