Santander To Cut 3,000 Jobs at Abbey
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Spanish Bank Santander Central Hispano intends to cut about 3,000 jobs at Britain&#39;s Abbey National if its proposed acquisition of the British bank is completed.
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ABN Amro Holding NV, the largest Dutch bank, plans to cut 2,850 jobs, or about 3 percent of its workforce, to stem a decline in operating profit as revenue growth stalls.
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Spanish bank Santander claimed victory for its 8.7 billion pound (&#36;15.6 billion) agreed takeover of Britain's Abbey National after its most likely rival, UK bank HBOS, pulled out of the race.
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The Spanish bank poised to take over Abbey National will walk away if the Â£8.2 billion deal is stalled by competition concerns, it was reported today.
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Santander Central Hispano SA, Spain&#39;s largest bank, said Francisco Gomez-Roldan will replace Luqman Arnold as chief executive officer of Abbey National Plc, the UK mortgage lender it&#39;s buying for 9.1 billion pounds ($16.
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UNION officials have warned of the threat to up to 2000 Scottish jobs if Spanish bank Santander sells Abbey - s closed funds after it completes its 8.4 billion takeover of the British bank next month.
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HBOS today assumed a spoiler&#39;s role in Santander Central Hispano&#39;s Â£8.3bn takeover of Abbey National by highlighting the Spanish bank&#39;s ties to the Royal Bank of Scotland.
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Bank of America Corp  on  Wednesday said it planned to eliminate 3,000 jobs, and shook up  its corporate and investment bank after a dismal quarter at  that unit led to a 32 percent drop in overall profit.
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Spain s Santander Central Hispano plans to raise an initial 1 billion pounds from the sale of closed-life books owned by Abbey National (LSE: ANL.L - news - msgs ) , the Sunday Times says.
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Third-quarter trading profit at Abbey National&#39;s core retail banking unit was ahead of the first half trend despite uncertainty caused by Santander Central Hispano&#39;s 9.1 billion pound swoop.
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Nortel Networks Corp. said it will cut 3,500 jobs, or 10 percent of its workforce, and fired seven finance officials tied to an accounting scandal.
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SANTANDER Central Hispano, the Spanish bank that last year bought Britain - s Abbey National, yesterday sold its last shares in Royal Bank of Scotland, its partner of 16 years.
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Spanish bank Santander Central Hispano would drop an eight billion pound-plus offer for Abbey National if rival bids result in a drawn-out competition investigation, the Sunday Telegraph reports.
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SPANISH bank Santander has offered to cut back its ties with Royal Bank of Scotland in an attempt to avoid a competition inquiry into its bid for Abbey.
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The Financial Services Authority has cleared Spanish bank Santander Central Hispano's Â£9bn takeover of Abbey National.
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Santander Central Hispano's Â£8.6bn bid for UK lender Abbey will help create a single regional financial market, the European Union's Mario Monti says.
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Francisco G mez Rold n, chief financial officer of Spain's largest bank, will take the helm at Abbey, replacing Luqman Arnold.