Link Securities | Banco Santander (SAN) is restructuring its UK business to increase the profitability of the subsidiary, which has been under pressure in recent years and is below the group average, according to the newspaper Expansión.
Specifically, Santander’s British subsidiary has announced a reorganisation of its branch network, which will involve the closure of 95 branches, 21% of the 444 it currently has. In addition, it will introduce other operational changes, with 18 branches without cash services and another 36 with reduced opening hours. The number of full-service branches will be reduced to 290 and there will be five service points with a Work Café format.
In parallel to the closure of the branches and to replace the service, the bank will launch a new commercial figure, Santander Community Bankers, ‘who will be responsible for cash management and general customer support, visiting local communities weekly and assisting local banking centres’.
The restructuring, which will begin in June, will affect 750 employees, of which approximately 100 workers are expected to be reassigned to the new role of community banker. The adjustment of 650 posts represents 3.2% of the subsidiary’s current workforce, which now totals 20,455 workers, following an 8.2% reduction last year.
