British lender Nationwide cuts saver benefits after profit slump

LONDON (Reuters) - Britain's Nationwide Building Society will no longer be able to offer customers above-market savings rates, it said on Friday after setting aside more cash to cover a likely spike in loan losses because of the coronavirus pandemic.The bellwether mortgage lender booked a 101 million pound ($124.6 million) hit from expected credit losses and will focus for now on maintaining capital reserves after profit for the year to April 4 fell 44% to 466 million pounds.Nationwide said..