The jobs of more than 600 Abbey National insurance staff are in the balance as the bank embarks on a three-month review of its general insurance operations.
Abbey National has initiated talks with insurers including CGNU – its current provider of personal lines products – which could lead to £150m of savings.
The bank employs the 600-plus staff based at Bradford, West Yorkshire, to provide 1,156,000 customers with a full range of products, including motor, household and payment protection.
A spokesman for the bank said: “We are in negotiations with CGNU as well as a variety of other insurance companies.”
A CGNU spokesman said it was not planning on losing its corporate partnership with Abbey National.