More than 100 jobs are expected to be cut at one of Swindon's largest businesses, it has been announced.

Nationwide Building Society, based in Pipers Way, has confirmed to the Adver that 125 jobs are expected to be cut in the near future.

300 roles are at risk, according to a source, who said these cuts will take place from June, although this is unconfirmed by the company.

A source said: “The reason is due to an increasingly competitive market, and a need to simplify the operating model. 

"The roles impacted are within the retail function - impacting employees in support, customer resolutions, retail services and retail risk."

In recent months, the building society has unveiled a major rebrand, launched a high-profile advertising campaign featuring The Crown star Dominic West, and promised not to close any of its current branches until at least 2026.

Last February, news broke of plans to axe 450 jobs before in November, the Adver reported that up to 200 people were set to lose their jobs as the company streamlined its head office teams.

In December, the building society scrapped its 'work anywhere' policy and ordered that staff must be in the office for two days a week.

Between April 1 and September 30, 2023, the building society’s profits rose from £980m to £1,262m, and the business returned nearly all of that - £1,229m – in value to its members through better rates and incentives and the £100 Fairer Share payment given to 3.4 million customers in June.

Nationwide employs around 18,000 staff across the country and 6,500 solely at its Pipers Way headquarters.

A Nationwide Building Society spokesperson said: “Our strategy is to give customers great value products, choice in the way they bank with us, and the best possible service.

“To do this we need to be as efficient and agile as possible which means continuing to improve our systems and operations. This enables us to invest more in the value and services we offer our customers.  

“We are proposing changes to some teams and expect a reduction of 125 roles. 

“We have worked hard to keep the number of affected colleagues to a minimum and are ensuring we provide the right support for those impacted. Wherever possible, we are offering suitable roles to the people impacted by these changes, or the opportunity to apply for an alternative role.”

Note: This story has been updated to remove reference that 14 jobs were going to be cut from Swindon. A spokesperson for Nationwide confirmed this figure was not accurate having previously given this newspaper the figure.