Spanish bank would cut 3,000 Abbey jobs
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Spain&#39;s SCH plans to cut around 3,000 jobs at takeover target Abbey National to meet its goal of reducing costs by 450 million euros (302 million pounds) at the bank within three years.
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The banking giant said it was scaling back its investment banking operations and shedding an additional 650 jobs.
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Officials voice concern about Abbey jobs in Scotland after accusing the bank's new owners of cancelling key talks.
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Santander Central Hispano SA aims to complete its 8.3 billion pounds ($15 billion) purchase of Abbey National Plc by November, the Financial Times said, citing Juan Inciarte, Santander&#39;s director for Europe and consumer finance.
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LONDON : The Spanish bank Santander Central Hispano said it still expects to complete its acquisition of British home-loan specialist Abbey National by the end of this year.
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Emilio Botin, head of Banco Santander Central Hispano, is today expected to tell union officials that the Spanish bank&#39;s Â£8bn takeover of Abbey National might cause up to 4,500 job losses over three years.
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Sovereign Bancorp. said yesterday it will cut 800 jobs, 77 of them locally, from its workforce of almost 9,000 and close most of its wholesale mortgage operation in an effort to slash costs by $100 million annually.
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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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Bank of America Corp., the third- biggest US bank, will cut 4,500 jobs in addition to the 12,500 positions it will eliminate as part of the purchase of FleetBoston Financial Corp.
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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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Jobs at Northern Rock will be cut if Virgin Group ends up controlling the troubled bank, the BBC learns.
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Troubled subprime mortgage lender Countrywide Financial Corp. plans to slash as many as 12,000 jobs over the next three months, according to company statement released late Friday.
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Banco Santander's controversial pursuit of U.K. mortgage lender Abbey National shows how difficult it can be for Spanish banks to grow outside their borders.
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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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Abbey National was last night poised to become part of Santander Central Hispano, Spain&#39;s largest bank, after HBOS dramatically dropped plans for a counterbid and the European Commission approved the deal.
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Santander Central Hispano said Monday it expects to cut about 3,000 jobs at Abbey National as part of a cost-saving plan if its friendly takeover bid succeeds.
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Bank of America Corp , the second-largest U.S. bank, plans to lay off 3,000 people in its corporate and investment banking unit, including its chief, the Wall Street Journal reported Wednesday, citing people familiar with the situation.