Spanish bank Santander began a round of job cuts at its U.K. unit to save costs, a person familiar with the matter said Friday.
The savings are focused on the Spanish bank’s regional headquarters, the source said, without providing figures.
As of June, Santander UK had 22,214 employees.
A Santander spokesman said the bank “continuously” examines its operating model to “ensure our teams are organized in the best way to support our customers effectively and efficiently.”
The job cuts come at a time when the UK lender posted a 23% year-on-year decline in its second-quarter net profit amid fierce competition in the mortgage market.
(Reporting by Jesús Aguado; Edited in Spanish by Natalia Ramos).