Newcastle Building Society, the UK’s eighth largest building society, is making 126 redundancies and closing four branches to cut costs and streamline the business.
The job cuts come as part of a wider restructure involving a capital strengthening programme which completed on May 10.
The branches to be closed are Crook, County Durham; Yarm, Stockton-on-Tees; West Road, New-castle; and York, north Yorkshire.
Job losses will be concentrated on back office and management roles with the aim of maintaining the current number of customer-facing staff.
Jim Willens, chief executive of the Newcastle, says: “We have to make a number of difficult decisions but these will benefit the society and the majority of staff in the long-term.”