Yorkshire Building Society puts 90 jobs at risk at its Peterborough base

Yorkshire Building Society offices at Lynch Wood, Peterborough.
Yorkshire Building Society offices at Lynch Wood, Peterborough.
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About 90 jobs could be axed at a leading building society in Peterborough as it looks to shake up its city operations.

The Yorkshire Building Society has announced it is to reduce its 250-strong workforce at its Lynch Wood offices.

The move comes as it seeks to make efficiencies across the company.

But the Society, which has its head office in Bradford, has said that while 90 jobs are at risk in Peterborough it will create 45 jobs in Bradford.

It has also revealed it wants to sell its Lynch Wood offices - once the headquarters of the Norwich and Peterborough Building Society - and move the remaining staff to more suitable accommondation in the Peterborough area.

The office site is not currently on the market.

However, an adjacent area of land that was used as a car park by its staff was sold last August as the site was no longer needed.

Yorkshire Building Society acquired the Lynch Wood offices in 2011 when it merged with the N&P.

Mike Regnier, chief executive of Yorkshire Building Society, which has more than three million customers and assets worth £43.1 billion, said: “We’re owned by our members, so it’s vital we consider carefully how we best use their money and make sure we’re evolving in line with the services our members want and need.

“Although we want to retain an office in Peterborough, Lynch Wood is a larger site than we need and isn’t an efficient use of our resources.”

The Society says it will not sell the offices until new accommodation is found in the Peterborough area.

Mr Regnier said: “After careful analysis and consideration, we have made the difficult decision to propose the relocation of some of our teams from Lynch Wood to our Bradford office.

“We believe this will increase the efficiency of our operations as a whole, whilst still providing members with the high standard of service they expect from us.

He added: “Our colleagues in Peterborough continue to make an excellent and valuable contribution to our achievements.

“If the proposals go ahead, we would do everything we can to support those for whom relocation is not practical or who are at risk of redundancy. This includes helping them to find an alternative role within the Society or elsewhere and providing support to help them transition to different roles.”