Santander is weighing its future in the UK after job cuts and profit drops, sparking concerns about its long-term presence.
London: So, it looks like Santander is thinking about pulling back from the UK. They’ve been having a tough time lately, shedding hundreds of jobs over the past year.
According to the Financial Times, their UK operations just aren’t bringing in the returns like their branches in other countries. They’re exploring different options to turn things around.
A former executive mentioned that Santander UK has been a bit of a headache for the parent company. High costs and regulations have made it hard for them to thrive here, especially compared to places like Spain.
Last October, they announced over 1,400 job cuts as part of their cost-saving measures. And in November, profits took a nosedive after a big court ruling hit them hard.
While scaling back in the UK is on the table, sources say nothing is set in stone just yet. Santander insists that the UK is still a key market for them.
Interestingly, data shows that the UK has been losing millionaires at an alarming rate since Labour took over. Experts say the recent budget changes are driving them away.
Last year alone, the UK lost about 10,800 millionaires, which is a huge jump from the previous year. Many of them are heading to countries like Italy, Switzerland, and the UAE.
