Aussie Bank Cuts 1,400 UK Jobs
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("Aussie Bank Cuts 1,400 UK Jobs," at 0140 GMT, misstated the value of the impairment charge in the 12th paragraph. The correct version follows:)

SYDNEY--One of Australia's biggest lenders said it will slash 1,400 jobs from its struggling U.K. operations in a further blow to Europe's third-biggest economy which has just tipped back into recession.

National Australia Bank Ltd. (NAB.AU) on Monday cited a deteriorating U.K. economy as it announced writedowns of GBP456 million ($742.1 million) at its Clydesdale and Yorkshire operations.

The job cuts and writedowns are part of a U.K. strategic review by the Australian lender, which has resulted in a narrowing of its focus onto retail and small-business lending in Scotland and Northern England. Most of its British commercial-real-estate portfolio will be transferred to National Australia Bank's balance sheet, and no more such loans will be written, the company said.


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