TELETRADER News
1/23/2019, 11:48 AM (Source: TeleTrader)
more TeleTrader news

Santander UK to close 140 branches

Largest Spanish lender's British unit Santander UK plc said on Wednesday it plans to close 140 branches in the United Kingdom, representing close to a fifth of its network, a decision that could affect the employment of 1,270 people. The unions are being consulted on the move, and the company vowed to provide alternative employment opportunities for the affected workers, wherever possible. Around one-third of the employees at the branches can expect to be relocated.

The bank explained that the 99% rise in digital transactions and the drop of 23% in branch transactions influenced the decision. "The way our customers are choosing to bank with us has changed dramatically in recent years, with more and more customers using online and mobile channels... As a result, we have had to take some very difficult decisions over our less-visited branches, and those where we have other branches in close proximity," said Susan Allen, Santander's head of retail and business banking said.

Breaking the News / NI