National Australia Bank (NAB) has revealed it is to implement 1,400 redundancies in Britain over the next three years.
The financier - which employs 50,000 people in more than 1,750 branches globally - has decided to significantly reduce its workforce in its subsidiaries the Clydesdale and Yorkshire Banks due to continuing pressures on the British economy.
In a statement issued by NAB following a strategic review of its operations in the UK, chief executive Cameron Clyne explained that this decision was taken due to a "significant downgrade in the growth prospects of the UK economy".
NAB indicated such urgent action was required because it experienced losses of £25 million ($40.7 million) in its UK operations in the second half of last year - a swing of more than £100 million on the £77 million profit recorded 12 months earlier.
As such, the Yorkshire and Clydesdale Banks will now focus almost solely on the north of England and Scotland.
By Claire Archer