Santander cuts costs to save £1bn

Santander has revealed plans for more cost cutting in the UK, as part of a wider target to save £1.02bn a year.

The Spanish bank are to cut £854m in costs across their European operations and around £85m in the UK.

In January the bank announced they are to close 140 branches, putting 1,200 jobs at risk however, the bank has said the cost savings will not lead to job losses or branch closures.

Ana Botin, executive chairman of Banco Santander 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.”