3,000 jobs may go at Abbey National

Spain’s Santander Central Hispano (BSCH) says it will cut about 3,000 jobs at takeover target Abbey National to cut costs if the deal is approved.

At a meeting between the bank’s chairman Emilio Botin and Abbey staff union representatives, BSCH promised to safeguard staff pension rights.

It also said it would offer 100 BSCH shares each to Abbey employees if any takeover were successful.