Job cuts on the way at Abbey

Job cuts on the way at Abbey

Francisco Gomez-Roldan, the banker brought in by Banco Santander Central Hispano to run Abbey National, is expected to unveil his plans to turnaround the troubled high street bank next month.

The Spanish bank has admitted that 3,000 jobs would be lost. Mr Gomez-Roldan, who took over last month, has been busy restructuring the top management but has not given details about changes in the junior ranks.

His attempt to boost Abbey's flagging market share will be closely watched by rivals.

He appeared to signal that the troubled life insurance operation will remain part of the wider group, by putting the two closed with-profits funds - Scottish Mutual and Scottish Provident - into a new business arm.

Many City sources believe the Spanish owners are keen to sell off Porterbrook, the rail rolling stock leasing business, but doubt that buyers are racing to buy the unit in the current climate.

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