Yorkshire Building Society to axe 440 jobs as branches close

The Towngate site is one of 20 Yorkshire Building Society (YBS) branches due to shut in May, followed from September by 28 Norwich & Peterborough (N&P) branches owned by the Bradford-based mutual.

The Society will maintain a high street network of 260 branches and agencies across the UK, with YBS as its sole high-street brand.

A total of 20 jobs will be lost at four branches in Yorkshire and the Humber – at Wyke, Farsley, Mirfield and Waterloo in Huddersfield.

The Society plans to close its N&P current accounts to existing customers, and withdraw the N&P brand from the high street over the next year.

It has blamed the branch closures on “shifts in market conditions” linked to customers using online banking rather than high street branches.

Mike Regnier, chief executive of YBS, said: “We continually review all areas of the business to ensure we remain focused on what our members require while utilising their money as effectively as possible.

“This means we must sometimes make adjustments to the way the business operates. The changing landscape of the current account market means continuing to provide this service and extend it to new customers would require a significant increase in our investment in this part of the business.

“Although we understand the proposal may be disappointing to current account customers, it follows thorough research and assessment.

“We believe the level of investment required would not represent good long-term value for the wider membership.

“We no longer believe it is the right commercial position for us to continue to maintain these 48 branches across the N&P and Yorkshire network.”

YBS says it will work with affected customers and will contact them to discuss what the proposals mean.

YBS is the second largest building society in the UK. It has a total of 308 branches, made up of 163 YBS and 45 N&P branches, and 100 YBS agencies.

MORE TOP STORIES