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The Independent UK
The Independent UK
National
Holly Williams

Why UK bank cut thousands of jobs despite £764m profits

United Kingdom TSB
  • Santander UK has shed over 2,000 jobs as part of an ongoing cost-cutting drive, attributed to its simplification and automation strategy.
  • The job cuts coincide with a 5 per cent decline in the bank's pre-tax profits, which reached £764 million for the first six months of 2025.
  • The high street lender has made a £295 million provision for the car finance commission scandal, with the ultimate financial impact subject to a forthcoming Supreme Court ruling.
  • Santander's Spanish parent company recently agreed to acquire UK rival TSB for £2.65 billion, with the takeover expected to complete in the first quarter of 2026.
  • Mike Regnier, Santander's chief executive, stated that the TSB acquisition will accelerate the bank's transformation and enhance its customer proposition.

IN FULL

Major bank slashes thousands of jobs in company overhaul

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