Santander reportedly cutting 1,425 UK jobs this year
Banco Santander, one of the largest banks in Spain with €1.8 trillion in assets, is reportedly cutting 1,425 jobs from its UK operations this year as it looks to reduce costs.
Santander reportedly cutting 1,425 UK jobs this year
Reuters first reported last week that the bank had initiated a round of job cuts at its UK unit, citing a source familiar with the matter. In a press conference held this week, Banco Santander CEO Hector Grisi reportedly confirmed the development, saying “1,425 was the number of people we are reducing,” according to Reuters.
The Guardian reports that it is understood that much of the cuts have been completed, with the round of layoffs set to be finished by the end of 2024.
Banco Santander’s Q3 2024 results, posted this week, indicate an attributable profit of €9.3 billion, a 14% increase on the figure recorded during the same period last year.
The bank attributes this group-wide achievement to “strong revenue growth across all global businesses and regions, as well as the addition of five million new customers”.
Grisi previously announced a significant reorganisation of the Spanish bank’s structure last year in an attempt to achieve greater operational efficiency and meet profit targets, which led to the consolidation of Banco Santander’s operations into five core and distinctly separate global businesses.
The group first entered the UK market through its 2004 acquisition of Abbey National Building Society, before further fortifying its position with the incorporation of former British banks Alliance & Leicester and Bradford & Bingley into Santander UK six years later.
