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Banco Santander plans to cut 750 jobs and close 95 branches in the UK by June 2025, responding to a significant shift towards digital banking, with electronic transactions up 63% since 2019. The bank will maintain 349 branches, including cashless locations, while restructuring to balance digital services with personal banking. Despite these changes, Santander reported an 11% increase in underlying profit, highlighting its strong financial position amid the industry's transition to digital services.
Verizon has partnered with Santander Bank to launch a high-yield savings account for its mobile and 5G Home customers, offering rates 10 times the national average. Customers can save on their Verizon bills by maintaining a minimum balance of $1,000. The account can be opened through verizon.com or the MyVerizon app, with additional financial products expected in 2025.
Santander is set to close 95 branches across the UK, putting approximately 750 jobs at risk, which is over 4% of its workforce. The changes, driven by a significant shift towards online banking, will reduce the branch network to 349 locations, with many branches operating on reduced hours. The bank plans to introduce community bankers to support local areas where branches are closing.
Morgan Stanley analyst Alvaro Serrano has maintained a Buy rating on Banco Santander, with a price target of €7.40, citing the bank's strong strategic positioning and financial resilience. Key factors include a commitment to a robust capital position, a target CET1 ratio of 12% rising to 13% by 2025, and a focus on organic growth and digital transformation. Additionally, Santander's management of interest rate sensitivity in Brazil and enhancements in the US Consumer business further bolster its growth potential.
NatWest is set to close 53 branches, adding to previous closures, as banks shift towards digital services, impacting around 750 jobs. Meanwhile, Santander plans to launch 18 new banking hubs to address service gaps, while other banks like Lloyds are also reducing their physical presence. Customers can still access banking services through Post Offices and upcoming banking hubs, which will provide essential cash services.
Santander is set to close 95 of its 444 UK branches, risking around 750 jobs, as part of a strategy to adapt to changing customer needs and reduce costs. The bank has noted a significant shift towards digital banking, with a 63% increase in online transactions since 2019, while branch transactions have dropped by 61%. This move follows a broader trend among UK banks to downsize physical locations in response to declining foot traffic.
Santander Bank will close 95 of its 444 UK branches starting June 2025, impacting around 750 jobs. The changes aim to adapt to evolving customer needs, introducing community bankers for local support while maintaining 93% of the UK population within 10 miles of a branch. The remaining network will include full-service branches, reduced hours locations, and Work Cafés.
Santander will close 95 bank branches this year, risking 750 jobs, due to the rise of online banking and changing customer habits. The closures will start in June, with 36 branches reducing hours and 18 converting to counter-free hubs. The bank is also investing in its new Work Cafés, offering co-working spaces with superfast WiFi.
Santander UK has announced that approximately 750 jobs are at risk as it plans to close 95 branches, reducing its total to 349. The closures, starting in June, reflect a shift towards digital banking, with a 63% increase in online transactions since 2019. The bank is consulting with unions and offering support to affected employees.
Santander is set to close several branches, putting approximately 750 jobs at risk. This decision reflects ongoing changes in the banking sector as institutions adapt to evolving customer needs and digital banking trends. The impact on employees and local communities is significant.
Banco Santander, S.A.
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