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Restructuring charge
In 2000 the Group incurred a restructuring charge of £232m
(1999 £344m) of which £134m related to Retail Financial
Services with the remainder arising mainly in Corporate
Banking and Central Services. The 1999 charge related to job
reductions in the UK, principally in Retail Financial Services
and Corporate Banking, and in certain international operations
of Retail Financial Services.
£171m of the £232m restructuring charge is contained within
staff costs (1999 £192m) and relates to some 2,700 job
reductions in 2000 (1999 5,300) and a further 2,100 staff
(1999 900) who were in the process of being served notice
at the year end.
Administrative expenses charged in connection with the
restructuring amounted to £61m (1999 £152m).
Related expenditure of £166m was incurred in the year against
the provisions raised for the 1999 programme and a further
£118m in respect of the 2000 programme. The accrued
provision at 31st December 2000 amounted to £132m
(1999 £184m).
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