Staff at Nationwide are braced for futher branch closures and job cuts after Britain's biggest building society said its underlying pre-tax profits fell to £212m in the 12 months to April 4, from £393m the previous year.
Twelve branches closed and 800 posts were shed last year. Yesterday the finance director, Mark Rennison, refused to give numbers for further job losses, saying a review had yet to be completed. The society is taking tough action on costs amid falling margins and earnings. However, it said the pace of outflow of deposits, which hit £6bn in the first half of the year, had eased, although £2bn still departed in the second half.
Mortgage lending was £12bn against nearly £19bn the previous year.Reuse content