Banco Santander has announced a significant reduction of 2,000 jobs in the UK as part of its ongoing cost-cutting initiatives.
Last October, the bank revealed plans to eliminate over 1,400 positions within its UK operations in 2024. Recently, it indicated that an additional 750 jobs might be at risk due to the closure of nearly a quarter of its branches and reduced operating hours at around 50 locations.
These workforce reductions are part of Santander’s broader strategy to simplify and automate its operations as it seeks to revitalize its business, which has seen a 5% decline in profits during the first half of the year.
Furthermore, with the impending £2.65 billion acquisition of TSB, a prominent high street lender, further job reductions are anticipated as Santander aims to streamline its presence on the high street.