Santander Reduces Branches in the UK
British press has speculated that Santander may pull out entirely from the country
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- Written by Banking Exchange staff
Spanish Bank Santander announced that it would reduce its full service branches in the United Kingdom noting a “rapid movement of customers choosing to do their banking digitally” with a 63% pick up in digital transactions since 2019.
The bank presently employs 18,000 full-time employees in the U.K.
While the British press including the Financial Times have speculated that Santander may pull out entirely from the country, the bank has repeatedly denied that is the case.
The UK’s unions still have a great deal of power in the country, which will make the cuts difficult.
Tagged under Mergers Acquisitions; Feature; Tokenization; Feature3; Branch Technology/ATMs; AI; Digital;
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