Banco Santander has announced it is to cut 1,900 jobs across its UK businesses, Abbey, Alliance & Leicester and Bradford & Bingley, next year.
The firm says the move is part of a plan to realise cost savings of £180m by 2011, removing duplicated back office and support functions across the businesses. The firm emphasised there would be minimal impact on customer-facing roles in branches and call centres.
"Today's announcement shows we are on track to fulfil the commitment we made at the time of the Alliance & Leicester acquisition to grow our UK business while ensuring we meet our cost saving targets," says António Horta-Osório, chief executive of the combined UK business.
"Santander is committed to its branch network in the UK, reflecting its status as one of the world's leading retail banks, with the largest international retail branch network in the world.
"The combined UK business now has nearly 1,300 branches which we expect to maintain or slightly increase in the near term."
More to follow...Mortgage Solutions
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till