Santander is reportedly planning to axe more than 1,400 UK jobs in a bid to cut costs.
During a press conference attended by UK media, the bank’s chief executive Hector Grisi said that the move forms part of plans to automate more of its operations.
The news comes as Santander delays publication of its third quarter results announcement, which was due to take place on Tuesday, as the Spanish Bank assesses a court ruling on motor finance commissions.
Most of the planned redundancies have already been made, with the rest expected to complete by the end of the year.
In April, Santander revealed plans to exit the mortgage business in Germany and cut around 500 jobs in the country by 2026.
At the time the bank said it wanted to refocus its business on more profitable activities.
Despite recent stabilisation high interest rate rises have led Germany to undergo its worst downturn in home buying in decades, with mortgage lending slowing sharply as a result.
Last week, Santander announced it was expanding its US presence with the launch of its digital banking platform Openbank in the United States, marking its first nationwide retail banking offering beyond its northeastern branch network.
The digital bank will operate on Santander's proprietary technology platform, allowing customers to open accounts through the Openbank mobile app or website in as little as five minutes.
Additional banking products are planned for rollout throughout 2025.
Latest News
-
HSBC launches payments management tool for businesses planning international growth
-
HSBC sustainability chief quits amid strategic shifts
-
MPs publish damning report calling FCA 'incompetent' and 'dishonest'
-
BNY introduces new buy-side platform
-
HSBC rolls out new BNPL service to OVO customers
-
Revolut reveals 2025 vision featuring AI assistant, mortgages, and ATMs
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.
Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.
From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories