SYDNEY, APR 30 (AP/UNB) - National Australia Bank said Monday it will cut more than 1,400 jobs in the U.K. as part of a $305 million restructuring of its banking business there.

NAB said the need for change at Clydesdale Bank was precipitated by a weakening economy and declining real estate prices in the U.K. as well as higher funding costs.

The Australian bank said Monday in a statement that some 1,400 jobs will be eliminated by the end of the 2015 fiscal year. That includes 205 positions eliminated in the half-year to March 2012.

The company said it expects to save 74 million U.K. pounds ($120 million) per year once the restructuring is finished.