West Brom Building Society axing jobs

Up to 80 jobs are being axed and 11 branches closed in sweeping cuts at the West Bromwich Building Society.

Fifty staff will lose their jobs at the society's main office in West Bromwich.

Four branches in Birmingham and the Black Country are to close with staff and customers moving to the nearest neighbouring branch. Seven outlying branches face complete closure, affecting 30 staff.

The 160-year-old society employs around 850 people and has 46 branches, but says it is still suffering from the recession, low interest rates and fierce competition.

The West Brom is offering affected employees alternative jobs at other branches, but chief executive Robert Sharpe admitted travel distances would make such moves difficult for staff.

The society is closing branches in West Smethwick High Street , 321 High Street, in West Bromwich, Erdington and Northfield.

The seven outlying branches being closed are at Telford, Whitchurch, Chester, Coventry, Knighton, Leicester and Tamworth. They will start closing from July 2.

The society is also axing 50 jobs at its headquarters. It said most of these would go through its voluntary redundancy scheme.

Mr Sharpe said: "This is part of a strategy, concentrating on our Birmingham and Black Country heartland."

The 35 remaining branches will be refurbished and the society is assessing sites for around half a dozen potential new branches.

Mr Sharpe said the changes would "give us a branch network that is truly vibrant and modern."

Last year the society unveiled record losses of £48.8 million. In November the society said half-year losses had been cut to £8.4 million.