Reuters reported that the Spain-based company Santander Bank has decided to move forward with a plan to cut 1,425 jobs across its UK operations.
According to the same source, the bank’s decision to make layoffs is part of an effort to reduce costs. Banco Santander officials confirmed the decision at a recent press conference, revealing that 1,425 is the number of positions reduced. The Guardian reported that most of the layoffs have already been made, with the remaining cuts expected to be completed by the end of 2024.
The announcement coincides with the publication of Banco Santander’s third quarter 2024 financial results, which show a notable increase in attributable profit, reaching €9.3 billion, representing an increase of 14% compared to the same period of the previous year. The bank attributes the increase to solid revenue growth across all its international operations and the acquisition of five million new customers.
This restructuring aligns with a series of broader organizational changes announced last year, aimed at streamlining operations for greater efficiency and profitability. As part of this strategy, Santander has restructured its global presence into five main operating segments, each operating as a separate business unit.
Banco Santander initially expanded into the UK market through the acquisition of Abbey National Building Society in 2004. It later strengthened its presence in the UK with the incorporation of former UK financial institutions Alliance & Leicester and Bradford & Bingley in Santander UK in 2010.
Other developments from Banco Santander
In October 2024, Token.io partners with Santander UKto use Token.io’s Open Banking technology and infrastructure to improve Santander’s customer experience and create real-time payment solutions.
According to the official press release, Santander has 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 entry and using biometric Strong Customer Authentication (SCA) for secure mobile payments.
Additionally, Santander revealed plans to use Token.io’s infrastructure to modernize real-time money transfers for its retail banking customers.