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Press Release

Response to Newcastle Building Society cost cutting announcement

19 May 2010

Rob MacGregor, Unite national officer said: "The news that a key financial institution such as The Newcastle Building Society is having to make cost savings of this scale is extremely disturbing. As this building society takes action to improve their situation it is a sad reality that a significant number of the hard-working and committed staff they employ will lose their jobs. We can not afford to allow our building societies in the UK to continue to struggle to survive, they need urgent support in order to ensure we do not lose this diverse and competitive element of our economy.

"Our priority is to now have discussions with the management of The Newcastle Building Society in order to gain assurances about the future of the remaining workforce and safeguard the jobs and terms and conditions of the staff. "

This cost cutting exercise will result in: 126 job losses, four branch closures and the closure of the pension scheme for active members.



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