More tough times ahead for staff at Nationwide

Click to follow

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.