Santander to close 44 bank branches putting 291 jobs at risk
The closures are part of an overhaul of its store network as customers move to digital services
Santander will shut 44 of its bank branches as part of an overhaul of its store network, putting 291 jobs at risk.
The Spain-based banking giant said the closures are linked to a shift from its customers towards its digital services, with 96 per cent of all transactions now being completed in digital channels after a rapid increase in online banking customers.
It comes less than a year after the business announced the closure of 95 branches last March, in a round of cuts which hit 750 workers.
Last July, UK boss Mike Regnier said they had cut around 2,000 roles over the previous year through a continued overhaul at the lender, but indicated there “might well be” more job cuts on the way.
Santander said closing branches will be replaced with “community bankers”, who will operate from Santander Local stores or banking hubs to keep a presence in local communities.
The high street lender said the latest cuts will leave it with 244 full branches.
It will also operate 19 counter-free branches, 36 reduced-hour branches, six work cafes and 111 Santander Locals.
Santander stressed that it is continuing to invest tens of millions of pounds into its branches, refurbishing more than 220 sites over the past six years.
It added that more than 30 branches are also set for refurbishment over the coming year.
A spokeswoman for Santander said: “In response to a continuing and sizeable shift towards customers using digital banking, we are making changes to our branches to better support our customers.
“We will continue to invest in both our branch network – comprising of full-service branches, counter-free branches, reduced-hour branches, Santander Locals, and our increasingly popular work cafes – as well as our digital banking services, so we can be there to support our customers however they choose to bank with us.”
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