Major bank slashes thousands of jobs in company overhaul
Why UK bank cut thousands of jobs despite £764m profits
- Santander UK has shed over 2,000 jobs as part of an ongoing cost-cutting drive, attributed to its simplification and automation strategy.
- The job cuts coincide with a 5 per cent decline in the bank's pre-tax profits, which reached £764 million for the first six months of 2025.
- The high street lender has made a £295 million provision for the car finance commission scandal, with the ultimate financial impact subject to a forthcoming Supreme Court ruling.
- Santander's Spanish parent company recently agreed to acquire UK rival TSB for £2.65 billion, with the takeover expected to complete in the first quarter of 2026.
- Mike Regnier, Santander's chief executive, stated that the TSB acquisition will accelerate the bank's transformation and enhance its customer proposition.