Santander to close 111 more branches
BANKING giant Santander is to close another 111 branches, in a further blow to communities across the country.
The lender blamed the cull on fewer customers calling in because of a shift to online banking with the trend accelerating during the pandemic.
However, the move risks ignoring those customers who still prefer to visit a bank in person.
Before yesterday, banks and building societies had shut – or announced plans to axe – 4,188 branches since January 2015, at a rate of around 50 each month, said consumer group Which?
Including the latest closures, Santander will have closed 470 branches since 2015.
Around 840 staff will be affected by the latest cuts, although Santander promised to try to find them other jobs within the business.
The latest mass closure comes a day after John Lewis confirmed it was shutting another eight stores – hammering already hard-hit high streets.
Santander said most branches being axed were less than three miles from another, and the furthest was five miles. The closures will leave the bank with 452 branches.
Adam Bishop, the company’s head of branches, said usage by customers has fallen over recent years.
He added: “So we have made the difficult decision to consolidate our presence in areas where we have multiple branches close together.”
But Gareth Shaw at Which? said:
“The bank branch network continues to shrink at an alarming rate, often leaving entire communities without somewhere to withdraw cash or speak to someone face-to-face.
“Although many consumers can benefit from digital banking, shutting branches has a significant impact on those who still rely on them for essential banking like withdrawing cash, particularly if they are vulnerable.
“Banks look set to continue to make these changes without having put in place suitable alternatives and despite the regulator asking firms to reconsider branch closures during lockdown.
“The Government must urgently set out its plans for introducing legways islation protecting access to cash.” Santander also announced it was closing four offices in the wake of staff working from home during the pandemic.
They include its historic base at Bootle, Merseyside, at the Cobalt Business Park, North Tyneside, one in London, and another in Manchester, all by the end of this year.
Agreement
Around 5,000 staff affected will be offered new “dual location” arrangements, combining working from home with access to “local spaces”. The Communication Workers Union said it had reached agreement with Santander on new of working to avoid compulsory redundancies.
National officer Sally Bridge said: “Membership surveys have indicated a desire from a large majority of those currently working from home for flexibility to continue after the pandemic.
“And this agreement achieves that for the majority of employees affected by these changes.
“The deal we’ve negotiated has avoided compulsory redundancies by giving individuals genuine options, crucially protecting our most vulnerable members for whom dual location arrangements were not suitable on account of their exceptional circumstances.”