Principality to 'minimise impact' of 100 job cuts

Wales' largest building society has promised to "minimise" the impact of up to 100 redundancies.

The Principality Building Society announced on Thursday that between 80 and 100 redundancies are expected.

The announcement comes a few months after the building society announced "record-breaking" results, with "underlying profit before tax of £60.3m in 2023, up from £43.5m in 2022".

Chief executive Julie-Ann Haines said the changes were to improve operation efficiency and enhance digital capabilities.

At the start of this year, it announced an increase on the number of first-time buyers it had assisted and homes owned by members in 2023 from the previous years.

It currently has about 1,200 employees, and it said the changes had resulted in a restructure of the business.

"These changes, whilst difficult, mean we can make a multi-year commitment to our high street presence in Wales," said Ms Haines.

The chief executive said the company was "committed to delivering for our members" and the steps being taken "will ensure we remain a strong organisation, able to meet the ever-evolving needs of our members".

The 164-year-old building society sponsors the home of Welsh rugby, the Principality Stadium in Cardiff.

It says it has the biggest branch presence of any financial services provider in Wales, with 53 branches and 14 agencies in Wales and the borders.

According to its 2023 annual report, the society had 417,000 savers.