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Yorkshire and Chelsea to cut hundreds of jobs in building society merger

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The societies confirmed yesterday that “the merger will lead to a number of job losses” among the combined group’s 3,200 staff but there would be a “full consultation” with the workforce. Most of the jobs cuts are expected to be among staff at the societies' headquarters. Iain Cornish, Yorkshire’s chief executive who will head up the enlarged society, added that 11 of the two societies’ 178 branches are “within spitting distance of each other” and there would probably be a “handful of closures”.

 

Yorkshire also revealed that a takeover of its struggling rival will cost the Bradford-based mutual £200m. It will take the hit following a “fair value” calculation of the potential bad debts on Chelsea’s books. As a result, the group’s financial strength will be weaker after the deal. Yorkshire has core tier one capital of 11.06pc but the combined group will have a ratio of just 10.2pc, closer to the regulatory minimum of 8pc.

 

Yorkshire and Chelsea to cut hundreds of building society jobs and close branches - Telegraph


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