The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
250 jobs Number of planned job losses
Announcement Date
29 November 2017
Employment effect (start)
29 November 2017
Foreseen end date
Description
Yorkshire Building Society (YBS) has announced that it will close 13 branches and its office in Cheltenham with a total loss of 250 jobs. Eight YBS branches and five Norwich & Peterborough (N&P) branches are set to close across England by May 2018. The Cheltenham customer service centre will be closed in phases over the next two years, with the work transferred to existing offices in Peterborough and Bradford. Four more branches in England are currently being assessed and the decision about their future will be announced in February 2018.
A statement by the company said that the aim of the closures is to achieve better efficiency and have a 'more even spread of branches and agencies across the country'. Addressing the issue of the Cheltenham office, Mike Regnier, Chief Executive of the YBS Group, said: 'We have more capacity for office-based colleagues than we need. Staff in the Cheltenham office will be offered redeployment support by the company.'
In January 2017 YBS announced plans to close 48 branches, leading to 440 redundancies. The closure of several bank branches has been announced in the UK this week, leading to large-scale redundancies, including at the Royal Bank of Scotland and the Lloyds Banking Group.
Sources
29 November 2017: Yorkshire Building Society (press release)
29 November 2017: Business Insider
30 November 2017: Gloucestershire Live
Citation
Eurofound (2017), Yorkshire Building Society, Closure in United Kingdom, factsheet number 92712, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92712.
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