Nationwide is looking to cut costs by closing many branches and offices as it fights to remain profitable.
The UK’s biggest building society employs about 16,000 people and has more than 1,000 retail outlets following its takeover of the Dunfermline, Derbyshire and Cheshire building societies.
Cost savings will come from the integration of these businesses although the group said it was too early to determine the extent of branch and office closure.
Nationwide has reported a 46% fall in underlying profit to £212m. Losses on commercial loans rose from £171m to £299m.
Before the impairment charges, profit was £811m, down from £846m.
27/05/10 Financial Times 20
Times 54, 62
Guardian 35
Independent 47, 50
