1,900 jobs to go at UK banks, nothing to do with economic crisis
Santander don't have to slash nearly 2,000 jobs because of the oncoming recession; they're doing it for the merry hell of it! Cruel, but that's business according to the Spanish bank, who are making the cuts that were planned when they acquired the Alliance & Leicester earlier in the year.
23,000 staff are employed by Santander in the UK, at Bradford & Bingley, Alliance & Leicester with the majority at Abbey, so 1,900 positions represents a significant decrease in the workforce. The company has stressed that "there will be minimal impact in branches and call centres" as the focus of the programme will be on back office and support roles. So customer services won't be getting any worse, then.
But wait, there's more. Hundreds more jobs are expected to be affected in the UK, after Bank of America yesterday announced plans to axe 35,000 jobs over the next three years, including staff at Merrill Lynch. Seems you can't win if you work in the financial services; if your bank is a successful and aggressive player in the market, you lose your job. If it's in trouble amidst the economic collapse, you lose your job.