Santander cuts 140 branches – putting 1,270 jobs at risk

A total of 1,270 jobs are at risk after Santander announced plans to close 140 branches across the UK today.

The bank said it expects to redeploy around a third of the employees affected within the business.

A shift in customer behaviour is to blame for the closures, the lender said, after research found that the number of transactions carried out in Santander branches has fallen by 23 per cent over the last three years while digital transactions have grown by 99 per cent.

The bank plans to refurbish 100 of its remaining 614 branches over the next two years, with an investment of £55m.

Santander head of retail and business banking Susan Allen said: “The way our customers are choosing to bank with us has changed dramatically in recent years, with more and more customers using online and mobile channels. As a result, we have had to take some very difficult decisions over our less visited branches, and those where we have other branches in close proximity.

"We will support customers of closing branches to find alternative ways to bank with us that best suit their individual needs. We are also working alongside our unions to support colleagues through these changes and to find alternative roles for those impacted wherever possible."