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Aussie Bank Cuts 1,400 UK Jobs
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Chief Executive Cameron Clyne said there has been "a significant downgrade" in the growth prospects of the U.K. economy in the last six months.

"In addition, the commercial-property market, which had previously seen signs of recovery, has recently experienced a 'double dip' as the recovery stalls and other banks accelerate the reduction in their commercial-real-estate exposures," Mr, Clyne added.

The U.K. economy contracted by 0.2% in the first quarter of 2012, official data showed last week, as European governments struggle to maintain growth while trying to trim massive budget deficits inflated by bank bailouts during the global financial crisis. That followed a 0.3% contraction in the final quarter of 2011.

Two consecutive quarters of contraction is the standard definition of a technical recession.

Royal Bank of Scotland Group PLC (RBS) Chief Executive Stephen Hester warned last week that regulatory changes combined with the gloomy U.K. economic outlook could continue to weigh on the government-controlled bank's share price.


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