LONDON Britain's largest building society, the Nationwide, said on Tuesday it was cutting 325 jobs over the next two years as part of a review of its regional brands.
Some 565 jobs in all will be lost from its Cheshire, Derbyshire and Dunfermline brands, through natural turnover, redundancy and redeployment.
At the same time, it is creating 90 new jobs at its Swindon headquarters and Northampton administration centre. An additional 150 new jobs will be created by establishing a dedicated customer service centre at Dunfermline.
Two regional offices and 17 branches will close as will the Cheshire Estate Agency, while regional branded mortgages will cease to be offered by the end of June 2010.
"We have had to make some difficult decisions, but the strategy we have outlined today is designed to strengthen our regional brands proposition, giving them the focus and clarity needed to succeed," Matthew Wyles, Nationwide's group distribution director, said in a statement.
Nationwide took over the Cheshire and Derbyshire building societies in December 2008 and the Dunfermline in March 2009.
(Writing by Avril Ormsby; Editing by Maureen Bavdek)