Santander’s £1bn cuts

SANTANDER is to cut costs in Britain as it seeks to save more than £1bn.

The Spanish bank is slashing £ 850m of savings in Europe, including around £85m in the UK. Another £231m will come from an overhaul of IT systems in Latin America.

Santander is also reducing its management committee from 24 to 11 so decisions can be made quicker. The UK arm’s boss Nathan Bostock is among those losing their seat.

No further job cuts or branch closures are expected in Britain, with the money due to be saved through changes such as moving to more efficient computer systems.

Last year, Santander shut 46 UK branches.