Santander to Slash Almost a Third of Its UK Branches Amid TSB Takeover Plans
The Spanish-owned bank is set to close nearly 300 jobs as it gears up for its £2.6bn takeover of rival TSB. In a move aimed at increasing digital banking, Santander will shut 44 branches across the country, affecting hundreds of employees.
One in eight of Santander's UK branches - or around 44 out of 349 sites - is set to close, leaving the bank with 305 locations. However, only 244 of these remaining branches still provide a full range of services, including mortgage advice and face-to-face banking facilities.
The branch closures are expected to be completed by January 2027, although specific dates have been confirmed for several smaller towns and villages across England. Job losses at the bank will also continue beyond this point as part of an effort to streamline operations following the takeover.
Santander's move is a result of its growing digital banking arm and increased focus on online services to attract more customers. The bank aims to expand its digital offerings, with a target to increase mobile app usage among its customer base.
As the bank finalises its acquisition plans for TSB - set to take place later this year - it must consider how to integrate duplicate roles and branches. This could potentially involve significant job cuts or changes in operations to align with the new combined group's goals.
The Communication Workers Union has expressed concerns over the impact of branch closures on staff, stating that they would like to see retraining, reskilling, and redeployment opportunities offered where possible.
Santander is awaiting regulatory approval for its takeover plans before making any changes to its operations in relation to the deal. The bank's finances are also under scrutiny due to a motor finance scandal, with an estimated £295m set aside last year to cover potential payouts to car loan customers.
The Spanish-owned bank is set to close nearly 300 jobs as it gears up for its £2.6bn takeover of rival TSB. In a move aimed at increasing digital banking, Santander will shut 44 branches across the country, affecting hundreds of employees.
One in eight of Santander's UK branches - or around 44 out of 349 sites - is set to close, leaving the bank with 305 locations. However, only 244 of these remaining branches still provide a full range of services, including mortgage advice and face-to-face banking facilities.
The branch closures are expected to be completed by January 2027, although specific dates have been confirmed for several smaller towns and villages across England. Job losses at the bank will also continue beyond this point as part of an effort to streamline operations following the takeover.
Santander's move is a result of its growing digital banking arm and increased focus on online services to attract more customers. The bank aims to expand its digital offerings, with a target to increase mobile app usage among its customer base.
As the bank finalises its acquisition plans for TSB - set to take place later this year - it must consider how to integrate duplicate roles and branches. This could potentially involve significant job cuts or changes in operations to align with the new combined group's goals.
The Communication Workers Union has expressed concerns over the impact of branch closures on staff, stating that they would like to see retraining, reskilling, and redeployment opportunities offered where possible.
Santander is awaiting regulatory approval for its takeover plans before making any changes to its operations in relation to the deal. The bank's finances are also under scrutiny due to a motor finance scandal, with an estimated £295m set aside last year to cover potential payouts to car loan customers.
... like, people still need help with mortgages and stuff in person, right? 
And what's the point of closing all those jobs just for the bank to focus on digital banking? It's not like we're all going to switch to online banking overnight 
. The Communication Workers Union is right though, they should offer retraining and reskilling opportunities so people can adapt to new roles. 
And what's with Santander waiting until 2027 to finish the closures? That's just a bunch of unnecessary paperwork 
... I guess we'll just have to wait and see how this whole takeover thing plays out 
this is not how you make progress, santander needs to think about the people who are gonna be affected 
not just the bottom line...they should atleast try to retrain the staff or find other roles for them within the bank 
it's all about corporate greed in my opinion 
. I get it, they want to focus on digital banking and make more money from online services, but can't they just find ways to keep the good stuff intact? Like, who's gonna help me with my mortgage or do my banking in person when all their branches are gone 
? And what about all those employees who'll be left jobless? I hope the union gets some decent retraining and reskilling programs going 
. Can't they find a way to make it work for everyone? 
. But what about all those employees who'll be leaving their branches behind? 
...