Bank unions are warning staff at Santander and TSB to prepare for job cuts following the Spanish group’s £2.65 billion acquisition of the former savings bank.
Consultation is underway as management plans to remove duplicate roles among the 23,000 combined staff to save £400 million in costs.
Sources have told The Times that there is some relief at Santander over the merger with TSB, as there had been speculation the Spanish group might pull out of the UK.
Spokespeople for both banks told the paper that there had been no operational decisions on jobs.
Speaking to Bloomberg last year, José García Cantera, chief financial officer of Banco Santander, said cost savings would “come from projects that TSB is currently running that we will not need to do when the two banks merge”.
The scaling down of jobs comes amid broader concerns at the impact of AI on bank jobs and NatWest’s transfer of IY jobs to India.
The Chancellor is being encouraged to introduce higher taxes on the banks as they report substantial profits.
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