Nationwide Building Society has announced around 500 of its workers are at risk of redundancy as part of an overhaul to its head office operations.
The company said the redundancy consultation is part of a “streamlining” process to improve efficiency and help the building society to direct investment to other parts of the business.
The building society, which is based in Swindon, said it ultimately expects 200 employees to leave, following a process which will try to find affected workers new roles.
It is understood Nationwide will not move roles offshore as part of the changes to head office.
Nationwide Building Society announced it would update all of its branches after a rebrand earlier this year
NATIONWIDE BUILDING SOCIETY
The firm said its “customer-facing colleagues” won’t be affected by the decision, as it reiterates its commitment to running branches across the country.
Nationwide renewed its promise to keep branches open until at least 2026 earlier this year, vowing to not leave any town or city in which it is based until at least 2026.
A spokesperson for Nationwide said: “Our strategy is to give customers greater value, better products and a distinctive customer experience.
“To do this our systems and operations must be best-in-class and we need to be more agile and efficient.
“We are streamlining some of our head office teams and expect around 200 people to leave the society.
“This will enable us to increase investment in the value and service we provide our customers.
“We have worked hard to keep the number of affected colleagues to a minimum and are ensuring we provide the right support for those impacted.”
The announcement came a day after the building society said it was scrapping its “work anywhere policy”.
Full-time employees will need to return to the office for at least two days per week from early next year, or at least 40 per cent of their contract, the Guardian reports.
Nationwide said: “Hybrid working is an important part of Nationwide’s flexible arrangements.
“Colleagues are already expected to work in an office for at least one or two days per week, depending on their role.
“This change simply moves the minimum to two days for everyone.”
