Santander has signalled that its British business faces more cuts as it looks to Europe to bear the brunt of a €1.2bn cost-saving drive and to Latin America for profits.
The Spanish lender said yesterday that it would find efficiencies in the UK by “simplifying, digitalising and automating the bank” in a move that could save about £85m. It had announced in January that it was closing 140 UK branches this year, taking its estate down to 614.
In addition, Nathan Bostock, 58, chief executive of Santander UK, will no longer sit on the lender’s management committee as part of a broader overhaul that will see its members shrink to 11 from 24.
