You are here: Home - Saving & Banking - News -

More jobs to go at Abbey

0
Written by:
09/02/2006

Abbey has announced a further 1,000 to 2,000 jobs will be cut this year.

As the company reported its first full-year results since it was taken over by Santander, chief executive Francisco Gomez-Roldan, broke the news.

Santander said Abbey had exceeded all its targets for 2005 and its ratio of costs to income fell to 60.6% from 69.9%. But it said more savings were needed to bring it in line with the industry average, estimated at 45 to 50%. “We will need some cost reductions that will affect employees, but in an amount much lower than last year,” Mr Gomez-Roldan said.

Around 4,000 staff have been axed since Santander took over Abbey in 2004.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Firms face bigger pension bills

UK employers will have to pay up to an extra £27bn a year in pension contributions, if the Pension Regulator’s...

Close