NAB: British recovery is worse than years after the Depression
THE owner of Yorkshire and Clydesdale banks has blamed its decision to cut 1,400 jobs on a British recovery that is “longer and slower” than the period after the Depression.
National Australia Bank said it would take charges of $740m (£474m) after the shake-up, which follows the Eurozone slump, Britain’s flagging economy and a “double dip” in the commercial property market.
NAB said it would concentrate on retail operations and lending to small and medium-sized enterprises in the northern England and Scotland after its British banking arm posted a cash loss of £25m for the six months of 31 March, compared to a £77m profit in the same period last year.
NAB chief executive Cameron Clyne said the bank never received a formal offer for Yorkshire and Clydesdale. Overall the group said first half cash earnings were seen at A$2.82bn up 5.7 per cent on-year, in line with analysts’ expectations.