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Aussie Bank Cuts 1,400 UK Jobs
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"Our shareholders, indeed all bank shareholders, will see value recover less well than hoped for," Hester said.

Acquired by Australia's fourth-largest lender by market value over two decades ago, the Clydesdale and Yorkshire banks have become a blight on its earnings.

National Australia Bank has said its U.K. operations need more scale to compete in the mature British banking market, and it has been mulling whether to sell the two banks or beef up its British operations with acquisitions. It was in the running to acquire over 600 Lloyds branches last year but didn't submit a formal bid on price concerns.

Melbourne-based National Australia Bank said it will incur GBP195 million of restructuring costs, write off GBP141 million of goodwill from Clydesdale Bank, and book an additional GBP120 million impairment charge due to increased protection insurance claims.

It said the moves, which include a reduction of over 1,400 full-time positions by the 2015 financial year, are expected to deliver annual cost savings of about GBP74 million.


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