Santander is set to reduce its UK workforce by 1,425 jobs as part of a cost-cutting initiative driven by increased automation, The Guardian reported yesterday.
CEO Hector Grisi confirmed the layoffs during a press conference on October 29, noting that the redundancies are expected to be completed by year’s end. As of September, Santander employed 21,812 staff in the UK.
The announcement comes as the bank’s UK division delays its financial results following a court ruling concerning commission practices in car finance. The court sided with consumers, establishing that dealers must fully inform customers about commission arrangements, potentially impacting the broader motor finance industry.
Despite these challenges, Santander’s overall profit rose 11% in the third quarter, reaching €4.9 billion (£4.1 billion). Executive Chair Ana Botin expressed confidence in maintaining the bank’s momentum amid a volatile geopolitical landscape. The UK division has not specified when it will release its delayed financial results.