Santander to Close 95 UK Branches, Putting 750 Jobs at Risk
Santander plans to close 95 branches in the UK, resulting in job losses, due to a shift towards digital banking.
Overview
Santander has announced plans to close nearly a quarter of its UK branches, affecting 750 jobs. The closures are in response to a significant decline in branch transactions, with digital banking becoming increasingly popular. The bank will reduce services at additional branches and introduce community bankers to assist customers. Santander aims to modernize its banking network to better meet customer needs while maintaining a presence across the UK, with most customers still within reasonable distance of a branch or community service.
Content generated by AI—learn more or report issue.
Get both sides in 5 minutes with our daily newsletter.
Analysis
- Santander is set to close 95 branches in the UK, leading to 750 job cuts as customer preferences shift toward online banking.
- The decision is part of a broader restructuring, resulting in 349 remaining branches, including full-service, reduced-hour, and counter-free options, along with the introduction of community bankers to assist customers.
- Consumer advocates express concern over the impact of branch closures on cash access for many customers, advocating for quicker rollout of banking hubs to mitigate potential service gaps.
Articles (3)
Center (2)
No highlight available for this article.
BBC News·4M·No highlight available for this article.
CNBC·4M·FAQ
Santander is closing branches due to a significant shift towards digital banking, with branch transactions dropping by 61% since 2019 and digital transactions increasing by 63% over the same period.
Up to 750 jobs are at risk due to the closure of 95 branches.
Santander plans to introduce 18 new banking hubs across the UK to provide face-to-face services in affected areas. Additionally, they will recruit 95 new community bankers to assist customers.
After the closures, Santander will have 349 branches remaining. Of these, 290 will be full-service branches, while 36 will operate with reduced hours and 18 will become counter-free.
History
- This story does not have any previous versions.