Have We Done The A&l Job Losses Bit Yet?

[Guest KingCharles1st]

Job losses on the cards

Santander expects to be able to make substantial savings at A&L. It reckons to save £30 million to £50 million a year just by streamlining the bank on its own, including accessing more low-cost funds. However, this is only part of £180 million of savings that it expects to make by putting together the two banks by 2011. That will represent a 19% return on its investment, the Spanish bank said.

Alliance & Leicester's 19 business banking centres, already under development, will help Abbey push into the small and medium-sized company banking business, Santander said.

With branch overlap and a planned move of A&L's technical systems onto the Abbey infrastructure, there looks likely to be plenty of job losses among the 8,000 Alliance & Leicester staff, even though 300 posts were already culled in March.

[right_freds_dead]

'business banking' ??

they must mean a string of shoddy terrace houses marked as a BTL investments.

wow. what a business.

[Frank Mason]

'business banking' ??

they must mean a string of shoddy terrace houses marked as a BTL investments.

wow. what a business.

More to the point.... will we get separate FSA cover for A&L and Abbey? I've got a stash in each, now they will be both owned by Santander....

Anyone know when the takeover will be official?

Frank

[JohnnyB]

'business banking' ??

they must mean a string of shoddy terrace houses marked as a BTL investments.

wow. what a business.

No, I don't think they mean BTL, they mean small businesses of various sorts. They probably won't be lending to EAs for a while though.