Banking jobs go as A&L moves online

UK bank Alliance and Leicester (A&L) has announced plans to web-enable its business, which it said will help it to cut its yearly costs, but will mean the loss of 1500 jobs by 2003.

The bank, which is aiming to cut annual costs by £100m over the next three years, will launch a number of internet-based products including Wap and PC banking services.

Executive chairman John Windeler said: "We will web-enable all of A&L, with its 5.5 million customers. In the past the big ate the small; in the future the fast will eat the slow. Speed beats size."

A&L's plans include the launch of an internet banking unit in the fourth quarter of this year, and an internet-based portfolio and money management service accessible by PC or a Wap-enabled phone.

The bank said that the "effective exploitation of new technology is core" to its strategy, and that it will work with leading technology suppliers, including Compaq and Cisco Systems, to guarantee success.

A&L is one of the last banks to launch internet-based services.