Santander to slash UK costs as part of bid to save €1.2bn across Europe

first_img whatsapp Read more: Santander UK profits slump 14 per cent in “uncertain” environment for banksIt said around €1bn of those savings would come from its European cost base, made up of the UK, Spain, Portugal and Poland.The move would help the bank meet profitability targets of 13 to 15 per cent return on tangible equity in the next three years, it said, – compared with 11.7 per cent in 2018.Earlier this year spanish owner Banco Santander announced plans to shut 140 UK branches, putting 1,270 jobs at risk.In a presentation to shareholders, chief executive Jose Antonio Alvarez said the UK business would focus on cost management and enhancing efficiency through digitalising the bank. Callum Keown Santander has unveiled plans to slash costs by a further €1.2bn (£1.03bn) in its European operations, including its UK business.The bank said it would aim for incremental annual cost savings of €1.2bn through focusing on scale and efficiency – with a tenth of that hitting Santander UK. Wednesday 3 April 2019 12:27 pm Santander to slash UK costs as part of bid to save €1.2bn across Europe center_img Share whatsapp Shared services used across the bank’s regions, including the UK, will also be streamlined to save €220m of the €1.2bn target.The bank also pledged to invest more than €20bn into digital and technology advancements over the next four years.Read more: Santander cuts 140 branches – putting 1270 jobs at riskChairman Ana Botin said: “Technology is changing banking as we know it and we are positioning the company to capitalise on the world class assets we have across the group, including our technology, talent and scale.”“This will allow us to benefit from the opportunities presented by digital innovation and will result in us becoming a digital leader in global financial services for the next decade.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemMisterStoryWoman files for divorce after seeing this photoMisterStoryDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily Funny Tags: Trading Archivelast_img

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