News of redundancies comes as UK division delays publication of results after car finance court ruling
Santander is cutting more than 1,400 jobs across its UK business this year as part of its efforts to reduce costs.
The Spanish bank’s chief executive officer, Hector Grisi, confirmed the cuts as its UK division delayed publication of its latest financial results to consider the impact of an influential court ruling linked to commission on car finance.
Continue reading...About 1,000 of those affected work in London and 4,500 at the bank’s new Milton Keynes headquarters
Santander has joined the ranks of employers herding reluctant British workers back to the coalface, telling office staff they must turn up in person for at least three days a week on average.
While the bank’s back-office staff will still be able to work from home more regularly than before the pandemic, the minimum requirement now tips the balance in favour of the traditional workplace rather than home.
Continue reading...Watchdog receives complaint, reportedly from Santander UK, that advert paints misleading picture of bank branch closures
Dominic West’s portrayal of an arrogant, smoothie-drinking, branch-closing banker has landed Nationwide in potentially hot water, with the building society now facing a formal complaint over its TV advert from a rival lender.
Santander UK is understood to have lodged a complaint with the Advertising Standards Authority (ASA) over the television commercial, on the basis that it “discredits and denigrates” Nationwide’s rivals and paints a misleading picture about bank branch closures.
Continue reading...Both banks deny helping Tehran-controlled oil firm PCC to move money in breach of sanctions
Two of the UK’s largest lenders, Santander UK and Lloyds Banking Group, allegedly held bank accounts for front companies that helped Iranian entities evade US sanctions, according to reports.
The news has rattled investors, who sold off shares in the two banks on Monday morning, amid fears that the lenders could face penalties if they are found to have in any way assisted Iran’s state-controlled Petrochemical Commercial Company (PCC).
Continue reading...Government-backed NS&I increases its rates, as building societies and banks launch better deals
Amid the mortgage misery, there was more good news this week on savings rates, with a growing number of accounts now paying 6%-plus interest.
Meanwhile, the government-backed NS&I – a favourite of many in these uncertain times – has upped the rates on some of its popular fixed-rate accounts.
Continue reading...Boss says bank is putting aside more money for potential defaults linked to cost of living crisis
The boss of Santander UK says the bank is putting aside more money for potential defaults linked to the cost of living crisis after seeing a pickup in customers falling behind on mortgage and loan payments.
Mike Regnier told the Guardian that he was keeping a close eye on the “strain and pressure” facing customers as a result of the cost of living crisis, which has made it harder for some households to keep up with rising food and energy bills and financial commitments such as home loans.
Continue reading...Bank accuses Andrea Orcel of ‘dubious moral behaviour’ over its withdrawn job offer
Spain’s Santander has accused one of Europe’s highest-profile banker of “dubious ethical and moral behaviour” after he sued the bank for €100m (£90m) when it withdrew an offer to make him chief executive.
The bank accused Andrea Orcel of making secret recordings during the dispute.
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