Nationwide building society has put more than 300 people’s jobs at risk in the lender’s third round of cuts over the past 12 months as bosses push ahead with a major restructuring plan.
A letter sent to staff by Nationwide’s employee union, and seen by the Guardian, explains that the latest redundancies will affect workers across its retail service, customer resolutions, support and retail-risk divisions.
The changes will put 305 people at risk of redundancy, and ultimately lead to about 125 job cuts, in a move that is meant to “align operations to where customer needs are greatest, provide greater clarity of roles, and simpler reporting lines”, the letter said.
It appears to be part of a drip-feeding of bad news for Nationwide’s almost 13,000-strong workforce, and takes total job losses over the past year to nearly 800. That includes the 200 staff who lost their jobs as part of redundancies announced shortly before the Christmas holidays, and 450 last spring.
In December, its chief executive, Debbie Crosbie, also rescinded a “work anywhere” policy launched under her predecessor, Joe Garner, during the Covid pandemic. The changes, introduced last month, mean that staff have to be in the office for at least 40% of their contract – two days a week for a full-time employee.
The job cuts come as Nationwide undergoes a wider company overhaul, which bosses say is necessary for the lender to “become a modern mutual, respond to customer needs and future proof the building society”, the union letter said.
Commenting on the latest round of cuts, a Nationwide spokesperson said its bosses “have worked hard to keep the number of affected colleagues to a minimum and are ensuring we provide the right support for those impacted. Wherever possible, we are offering suitable roles to the people impacted by these changes, or the opportunity to apply for an alternative role.”
The building society has been holding staff consultations over the latest redundancy plans since early February. If the plans go ahead, affected staff will be given their final notice in early May, with anyone affected expected to leave the business by early June.
The Nationwide spokesperson added: “Our strategy is to give customers great value products, choice in the way they bank with us, and the best possible service.”
Founded as the Southern Co-operative Permanent building society in 1884, the lender became Nationwide in 1970 and has grown into a group with more than 600 branches, which it has committed to keeping open until at least 2026 amid mass closures by rivals.