The move aligns with the financial institution’s broader strategy to reduce expenses. Credit: TippaPatt/Shutterstock.

Banco Santander, a Spain-based commercial and retail bank, has initiated a series of job cuts within its UK division, reported Reuters citing a person privy to the development.

This move aligns with the financial institution’s broader strategy to reduce expenses in a competitive British banking sector.

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The redundancies are focused on the bank’s UK headquarters, although specific figures were not disclosed.

As of June 2024, Santander UK staff headcount stood at 22,214.

A Santander spokesperson was cited by the news agency as saying that the bank is ‘continuously’ assessing its operating model to ensure “ensure our teams are organised in the best way to support our customers effectively and efficiently”.

Santander UK’s move to streamline its operations follows a 23% year-on-year decrease in its second-quarter net profit.

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The lender’s spokesperson said that the company has in place a “strategic approach that puts the customer need at the heart of our key priorities, thinking and decision making for the years to come.”

Earlier this year, Santander reportedly cut off 320 roles in the US as part of its shift towards digital banking services.

The affected employees represent 2.4% of the bank’s total headcount of 13,489 in the US.

Meanwhile, in July 2024, Santander was in the headlines, along with Google, for launching a free artificial intelligence (AI) course for anyone over the age of 18.

Launched on the Santander Open Academy platform, this course looks to help participants learn the basics and develop the skills to automate tasks, and solve problems efficiently.

The course is available in English, Spanish and Portuguese.