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CYBG to shutter 79 Clydesdale and Yorkshire bank branches, cut 400 jobs in 2017

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CYBG to shutter 79 Clydesdale and Yorkshire bank branches, cut 400 jobs in 2017

CYBG Plc said Jan. 18 that it will close 40 branches of Clydesdale Bank Plc and 39 branches of Yorkshire Bank in 2017, with around 200 employees at each unit at risk of redundancy.

The group attributed the closures to a decrease in the number of customers using banks for their day-to-day transactions and a shift to digital and mobile banking, among things. Affected employees will be subject to the firm's redeployment process.

The reduction in branch network across its Clydesdale Bank and Yorkshire Bank brands, initially announced in September 2016, is part of the group's strategy to drive sustainable customer growth, build a more efficient bank and optimize the bank's use of capital. To achieve these goals, the group is committing £350 million over the next two years to enhance its digital platform and invest in a more sustainable branch network.