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Abbey to shift 400 UK jobs to India
By siliconindia
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Wednesday, 14 January 2004, 20:30 IST
LONDON: Abbey National Plc , Britain's second-biggest mortgage lender, said on Wednesday it would shift 400 UK jobs to India, accelerating a programme to shift operations abroad as part of a strategic overhaul.
"We have taken some tough business decisions today that are absolutely necessary to the health of Abbey's future and for giving our customers better service at a competitive price," Chief Executive Luqman Arnold said in a statement.
Tens of thousands of British jobs have been shifted to low-cost, off-shore centres over the past couple of years, with more than 50,000 relocated to India.
Abbey is in the throes of a major reorganisation, selling businesses and launching an ambitious re-branding campaign as it seeks to cut costs and revive its UK retail presence after a disastrous foray into wholesale banking.
The company's union said it was disappointed at the move.