San­tander’s £1bn cuts

Daily Mail - - City & Finance -

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.

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