National Australia Bank, which recently confirmed its commitment to the institutional custody business in the UK by re-equipping and re-branding its Clydesdale operation, is planning to reduce its headcount at its UK and Irish subsidiaries by over 900 jobs. The cuts, which are much higher than earlier indications led analysts to believe, follow disappointing results.
The Australian bank is still looking for a sizeable acquisition in the British Isles to give its operations sufficient scale.