Clydesdale and Yorkshire Banks to cut 400 staff

Clydesdale and Yorkshire Bank owner CYBG has announced it is closing almost 80 branches, at a cost of 400 jobs.

The closures, which represent around a third of the combined network, will be split evenly, with Clydesdale Bank losing 40 outlets and Yorkshire Bank 39. Around 200 roles being lost from each.

CYBG blamed structural changes in the sector for the decision, says Sky News, "including a shift to online banking and away from using branches for day-to-day transactions".

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Gavin Opperman, customer banking director, said: "While the decision to close any branch is never an easy one, it is important that we… continue to respond to changes in the way customers bank with us."

The move was described as the largest-ever closure plan by the bank, which has cut its branch network by a quarter since 2013, and it said it would seek to mitigate the impact of the cuts by redeploying employees where possible.

It added that it will invest £350m over the coming two years in "digital innovation" and a more "sustainable branch network" based around a "superior customer experience" says the BBC.

Rob MacGregor, national officer of Unite union, said the closures "will not only be concerning for staff but the local communities which will see their bank branch close".

He added: "The union has called on the bank to give a commitment to mitigate compulsory redundancies where possible and that they will reconsider closing any bank branches that are the last bank in a town."