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In October 2014, the bank announced that it planned to cut 9,000 jobs and close some branches in light of an increase in the number of customers using online banking services. [45] In July 2016, the bank announced it would cut 3,000 jobs because of the economic downturn as a result of United Kingdom European Union membership referendum. [46]
A branch of the Northern Rock with Virgin Money branding on Briggate in Leeds. On 13 October 2007, Sir Richard Branson announced that Virgin Group were putting together a consortium of financiers to propose to plough millions into the troubled Northern Rock bank and in return take an approximate 30% stake in the business, bringing the current financial products offered by Virgin and combining ...
The company was established in 1985 as the National Home Loans Corporation. [2] It launched Homeloans Direct in 1995. [3] In 1997 it changed its name to the Paragon Group of Companies. [4]
Cahoot operates as a division of Santander UK, and shares Santander's banking licence and headquarters. Its business model involves a small operational staff, with IT services outsourced in 2003 to IBM using their "Software on Demand" model. [6] As of 2023, the only products available to new customers are savings accounts. [7]
In September 2003, the bank rebranded as Abbey, and in November 2004, it became a wholly owned subsidiary of the Spanish Santander Group, with a rebrand following in February 2005. In January 2010, the savings business of Bradford & Bingley was combined with the bank, and Abbey National plc was renamed Santander UK plc. [1]
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NatWest is considered one of the Big Four clearing banks in the UK, [5] [6] and it has a large network of over 526 branches [7] and 3,400 cash machines across Great Britain and offers 24-hour Actionline telephone and online banking services. Today, it has more than 7.5 million personal customers and 850,000 small business accounts.
Sabadell also confirmed that the TSB name would be retained, as the group felt it was a "very powerful" brand with "traction" in the UK, unlike the parent brand, which is "virtually unknown". [29] TSB's banking platform, which had used that of Lloyds Banking Group, was migrated to a UK-based replica of Sabadell's Proteo platform by the end of 2017.