Friday December 12, 03:32 PM
Santander to cut 1,900 jobs in Britain
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LONDON (AFP) - Spanish banking giant Santander (Madrid: SAN.MC - news) , Europe's second-biggest bank by market capitalisation, will cut 1,900 jobs in its three British subsidiaries next year, it announced Friday.
The losses, which amount to around eight percent of the group's British workforce, will affect lenders Abbey, Alliance and Leicester (LSE: AL.L - news) , and Bradford and Bingley (LSE: BB.L - news) .
Santander bought the latter two banks earlier this year, and announced in October that its third quarter net profit rose 4.3 percent to 2.2 billion euros (1.96 billion pounds) adding that it was on track for record full-year profit despite an abrupt economic slowdown at home and global financial turbuluence.
"Today's announcement shows we are on track to fulfil the commitment we made at the time of the Alliance and Leicester acquisition to grow our UK business whilst ensuring we meet our cost-saving targets," said Antonio Horta-Osorio, chief executive of the combined British business.
"Santander is committed to continuing the growth of its UK businesses profitably and has already shown through Abbey that it can drive efficiencies in operational areas in order to grow its retail business and provide customers with greater value-for-money products," he added.
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