They will lay off more than 1,400 employees in the United Kingdom

They will lay off more than 1,400 employees in the United Kingdom

October 29, 2024 – 15:15

The Spanish bank will cut more than 1,400 jobs from its British business as part of a cost reduction.

The executive president of SantanderHéctor Grisi, announced this Tuesday that he The Spanish bank will have cut more than 1,400 jobs from its British business when the ongoing cost-cutting round concludes.

Grisi did not give an exact timetable for when the previously announced round of layoffs would take place, but he said that The number of people affected amounts to 1,425.

This happens within the framework of a layoff plan because electronic banking attracted a large number of customers and, furthermore, it happens in the midst of a competitive landscape in the British mortgage market.

Grisi indicated that as the process is simplified and automated, there may be more layoffswithout detailing how many more could follow.

“Santander had largely completed a round of job cuts at its UK regional headquarters as part of an efficiency plan, without giving figures,” a source revealed.

In September, Santander UK had 21,812 employees.

On Monday, Santander’s British unit said it postponed publishing its results following a London court ruling last week that ordered car finance agents Fully inform clients about commissions when taking out loans.

Nevertheless, Santander included the results of its British unit in the group’s profits. UK profit fell 19% year-on-year in the third quarter, while loan income fell 7%.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts