Reuters has reported that Spain-based Banco Santander has decided to move forward with a plan to reduce 1,425 jobs within its UK operations.
According to the same source, the bank’s decision to implement layoffs is part of an effort to cut costs. Banco Santander officials confirmed the decision in a recent press conference, revealing that 1,425 is the number of roles being reduced. The Guardian reported that most of the layoffs have already been completed, with the remaining cuts expected to conclude by the end of 2024.
The announcement coincides with the release of Banco Santander’s Q3 2024 financial results, which show a notable increase in attributable profit, reaching EUR 9.3 billion, which represents a 14% rise compared to the same period in the previous year. The bank attributes this increase to solid revenue growth across all international operations and the acquisition of five million new clients.
This restructuring aligns with a series of broader organisational changes announced last year, aiming to streamline operations for better efficiency and profitability. As part of this strategy, Santander has restructured its global footprint into five core operational segments, each functioning as a distinct business unit.
Banco Santander initially expanded into the UK market through the acquisition of Abbey National Building Society in 2004. It subsequently strengthened its UK presence with the incorporation of former British financial institutions Alliance & Leicester and Bradford & Bingley into Santander UK in 2010.
Other developments from Banco Santander
In October 2024, Token.io partnered with Santander UK, to use Token.io’s Open Banking technology and infrastructure to enhance Santander’s customer experiences and create real-time payment solutions.
According to the official press release, Santander integrated Token.io’s infrastructure to enable credit card payments directly from external bank accounts. This A2A payment method offers a smoother alternative to direct debits or manual transfers, eliminating the need for manual data input and utilising biometric Strong Customer Authentication (SCA) for secure mobile payments.
Moreover, Santander revealed its plans to use Token.io’s infrastructure to modernise real-time money transfers for its retail banking customers.