(Bloomberg) — Banco Santander SA has kicked off a round of job cuts at its UK unit to save costs, according to people familiar with the matter.
Most Read from Bloomberg
The redundancy program was started last week and it’s focused on the Spanish lender’s UK headquarters, the people said, asking not to be identified because the matter is private. They didn’t provide any numbers.
“We continuously look at our operating model to ensure our teams are organized in the best way to support our customers effectively and efficiently,” a spokesperson for Santander said in a statement to Bloomberg, without directly commenting on the cuts.
Earlier on Friday, ING Groep NV said it hired Santander’s head of corporate and investment banking in the UK, Alexandra MacMahon, as country manager for its wholesale business.
(Adds Santander comment in third paragraph.)
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
