Santander branches closings threaten 750 jobs

Santander announced plans to shut 95 branches in the UK. This will put 750 jobs on the line.

The bank announced that it would be building a new network of 349 branches. Of these, 390 will offer full service, 36 will have reduced operating hours, 18 won’t have counters, and five will be work cafes.

The closures were attributed to a shift in customer behavior, as more people are now doing their banking online.

The company said that it would improve its mobile banking app and chat service, as well as telephone banking. This was after 63% more digital transactions were made in 2019 compared to the previous year.

Santander Community Bankers will cover the locations where branches will close. They will provide weekly face-to-face assistance via local banking hubs, such as libraries. Post Offices will be another option for customers to bank. Customers will be able to bank in a Work Cafe while also using the free WiFi.

Santander announced similar plans to Lloyds Banking Group, which were announced earlier in the year. The group had planned to close 136 of its branches as customers increasingly use mobile and internet banking.

If the union consultations are successful, the bank will provide assistance to approximately 750 employees who may be at risk of being laid off if the proposed changes go through.

The support will include help with redeployment, outplacement and wellbeing.

A spokesperson stated: “As the customer’s behaviour changes, our branches are being re-fitted for the future.”

“As an organization, we need to move with our customers and balance the investment we make in all of the places we interact with them, so that we can deliver the best service for them, now and into the future.

Closing a branch can be a difficult decision. We spend considerable time considering where, when and how we will do it to minimize the impact on our customers.