Santander is making moves to shut down 95 branches across the UK, putting approximately 750 jobs at risk. The decision comes amidst a shift in consumer behavior towards online banking, prompting the High Street bank to initiate closures starting in June. Along with the closures, Santander will reduce operating hours at 36 branches and eliminate front counters at 18 other locations.
Following the closures, Santander will be left with 349 branches, down from the previous count of 444. In an effort to continue serving affected areas, the bank plans to deploy 95 “community bankers” who will engage with local communities on a weekly basis, using facilities like libraries for outreach. The rationale behind these changes stems from the significant increase in digital transactions since 2019, with a notable decline in branch-based transactions.
Consumer group Which? expressed concern over Santander’s imminent branch closures, stating that it will have a considerable impact on many customers. Emphasizing the ongoing importance of access to physical cash for certain individuals, the group’s money editor Jenny Ross called for the expedited implementation of schemes such as banking hubs to address the gaps left by branch closures. Which? urged the government to ensure that banks follow through on their commitments to establish 350 banking hubs by 2029, with the possibility of increasing that number if necessary
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