Major bank slashes thousands of jobs in company overhaul
The Spanish parent recently agreed to acquire the British rival TSB for £ 2.65 billion, the High Street lending lending, lending to the “simplification and automation” strategy to reduce the labor force.
This initiative is expected to continue to increase the cost efficiency to 2025.
Business deductions reported that Santander reported a 5 percent decrease in the snow before the tax and reached £ 764 million in the first six months of 2025.
This latest discount follows the announcement of more than 1,400 role in the UK operations in 2024 last October.
In March, the Bank warned that it is at risk of approximately 750 additional work, as well as plans to close 95 branches and reduce hours in approximately 50 areas.
Santander also awaits a critical Supreme Court Decision on Friday regarding the automobile financial commission scandal, which is expected to affect the proposed compensation plan by the Financial Behavior Authority.
In 2024, the Bank said that “Santander UK group continues to reflect the best forecast”.
However, he warned that the result may need to change after the decision.
The group said: “Santander UK will think that the result of the Supreme Court decision and the financial behavior authority proposes to take a known time, which may lead to a change in the value of the provision.
“Therefore, the final financial impact may be financially higher or lower than the amount provided.”
Half -year results showed that mortgage loans were fixed at £ 167.2 billion in the first half, but in 2025 he continued to wait for a “gradual return ına to the net mortgage loan and added that the pipeline went well to the second half.
Mike Regnier, General Manager of Santander, said Banco Santander’s TSB purchasing agreement from Spanish rival Sabadell will accelerate the transformation of the bank.
He said: “In the first six months of 2025, we continued to accelerate in our strategy for being the best bank for customers in the UK by investing in technology and service and increasing our processes and efficiency.
“Banco Santander’s purchasing agreement from Sabadell’s 100 percent of TSB allows us to improve our customer offer and invest more in our innovative products and digital offer.
“This is an excellent agreement that unites two powerful and complementary banks for customers.”
The inheritance is expected to be completed in the first quarter of 2026.
